The price of bitcoin hit a record high for 2020 on Wednesday, spurred on by a surge in new interest surrounding the cryptocurrency.

Bitcoin’s price has risen by more than $1,000 since last week and is currently trading above $12,300.

It remains a long way off the all-time price highs seen in late 2017, when its value briefly rose to $20,000, but the latest gains come just seven months after bitcoin was trading below $5,000.

Some analysts have attributed the price surge to global economic uncertainty brought about by the coronavirus pandemic. 

“Ongoing – and heightening – global political, economic and social turbulence suggests that there will be a price surge before the end of the year,” Nigel Green, CEO of financial advisory firm deVere Group, told The Independent.

“Like gold, bitcoin can be expected to retain its value or even grow in value when other assets fall, therefore enabling investors to reduce their exposure to losses. Investors will increase exposure to decentralised, non-sovereign, secure digital currencies, such as bitcoin, to help shield them from the potential issues in traditional markets.”