Bitcoin soars above $1,700 as market cap adds $1 billion in just 24 hours

Bitcoin soars above $1,700 as market cap adds $1 billion in just 24 hours

The price of bitcoin rose above $1,700 Tuesday morning, according to a price index by industry website Coindesk. With the price so high, analysts are contemplating what risks could scuttle its recent surge. The digital currency has been rallying significantly in recent weeks. Over one month, the price has increased by 43 percent, according to Coindesk figures. Over one year, the market capitalization for bitcoin has increased massively, from around $7.16 billion in May 2016 to $27.9 billion today.

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