Bitcoin is going berserk right now

The bitcoin boom continues with the price smashing past the $2,700 mark, up more than 11 per cent today - a new record all-time high.

At time of publication it was trading at $2,754.89, but had hit as high as $2776,63, according to Coindesk.

Read more: Bitcoin just hit $2,200

The price of Bitcoin has rocketed more than 130 per cent over the last three months.

"Japan, Korea and Asian interest is causing the price to rise and dragging up Western prices on the back of regulatory moves as well as scaling," said Charles Hayter, chief executive and co-founder of Cryptocompare.

A "scaling agreement" was made on Wednesday between those in the industry, including 56 companies and miners who control more than 80 per cent of the hashing power of the bitcoin blockchain. It covers technical standards and protocols.

Hayter predicts "the party will end" but that the "exact trigger is yet to be seen"

"This is a bubble but also a rerating - the question is the level of speculation as media begets more price rises and triggers more exposure and buying. The ICO (initial coin offering) phenomenon is contributing too as traders wash in and out of the major cryptos chasing and pumping the next ten bagger," he said.

"The party will end as Asian premia come back into line with Western markets or even drag them down as panic selling takes hold."

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