The US has become the hottest bitcoin exchange, with bitcoin prices up nearly 50% since March, according to data from the digital currency’s main exchange, Bitstamp.
The market for bitcoins surged to $4,933 on Wednesday, according the bitcoin exchange’s website.
That was the highest level in a month, according a report from CoinDesk.
The bitcoin price jumped from $1,817 to $3,924.
The news comes as regulators in the UK are poised to approve a new bitcoin exchange.
The move could see the UK’s largest financial institution, Barclays, set up a second bitcoin exchange in the country.
The bitcoin market is in a boom phase.
Bitcoin has been surging more than 1,200% this year.
That’s nearly double the average increase for the past 20 years.
The rise has led to fears that the cryptocurrency is about to enter a bubble.
“It’s not an exaggeration to say that bitcoin is entering a bubble,” said John Leung, chief market strategist at FXTM Research.
“There is no reason to believe that this will not lead to a bubble in the bitcoin market.”
The UK’s Financial Conduct Authority said the regulator would decide in coming days whether to approve the second exchange.
In the US, bitcoin has traded between $4 and $5, with prices reaching $3.90 and $4.10, respectively, on Wednesday.
Bitcoin prices peaked on March 25 at about $5.25.
The price of a bitcoin has doubled over the past year, and now sits around $11,000.
The cryptocurrency has been volatile in recent months, but has been in a steady decline in recent weeks.
The cryptocurrency has also been gaining popularity with tech entrepreneurs.
In February, it surpassed $5 million.