Investing.com - Prices of web-based digital currency Bitcoin rallied to a new all-time high on Thursday, amid optimism that the Securities and Exchange Commission will approve at least one of the three proposed bitcoin-focused exchange-traded funds later this month.
Bitcoin rose to a daily peak of $1,231.02 on the New York-based itBit exchange at one point, its highest on record.
It was last at $1,230.38 by 8:10AM ET (13:10GMT), up about 0.4% on the day.
Other big exchanges such as Bitfinex, Kraken and BitStamp also showed the cryptocurrency at around the $1,230-level early Thursday.
Buyers have been piling into bitcoin in anticipation the U.S. Securities and Exchange Commission will approve at least one of the three proposed bitcoin-focused exchange-traded funds by the March 11 deadline.
An approved ETF would make bitcoin investing simple for small traders and institutions.
Prices of the virtual currency are up about 30% so far this year.
Analysts say prices of the digital currency look set to reach further highs in the coming months. Some even expect it to reach price parity with gold amid increasing demand for alternative assets.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.