Bitcoin breaks above US$35,000 to touch new high

SHANGHAI: Bitcoin traded above US$35,000 for the first time in Asia on Wednesday, rising to a high of US$35,879 and extending a rally that has seen the digital currency rise more than 800per cent since mid-March.

The world's most popular cryptocurrency crossed US$20,000 for the first time ever on Dec 16.

Bitcoin purchases have opened up to the wider public thanks to the ability to buy fractions of one whole unit, while Paypal account holders can now use the virtual currency for online transactions.

The cryptocurrency's recent highs were achieved at weekends and during the festive period when many brokers were away from work.

In its 12-year history, bitcoin has suffered several wild price swings with rebounds not always immediate.

Despite the volatility, many investment funds continue to buy bitcoin, while banking giants have compared it to haven investment gold.

Debate rages over the status of the digital asset, launched in late 2008, as to whether it should be considered a form of money, an asset or a commodity.