The price of bitcoin could hit $3,000 by the end of the year after recently trading above gold and hitting a fresh record high, an analyst told CNBC on Tuesday.A rise on this scale would represent a near 150 percent increase from bitcoin's current price of $1,204 at the time of publication, and a more than 130 percent increase from the fresh $1293.47 high it set last week, according to CoinDesk data.The price of bitcoin at time of publication is not trading above an ounce of gold, but the recent rise in price, which is up 195 percent in the past 12 months, has been attributed to a number of geopolitical and broader market factors.These include: Increased regulation from Chinese authorities to clamp down on money launderingDemonetization in India which has caused bitcoin to be seen as an alternative store of valueVolatility in other currencies and uncertainty in the global economy Now Adam Davies, a consultant at Altus Consulting, who works with large financial institutions on technology, is predicting bitcoin can go even higher.

"In terms of price this year, I think it will go up to $3,000.As it becomes more pervasive and more generally accepted, I think you'll see rapid growth in adoption," Davies told CNBC in an interview on Tuesday."People are unsure about what is going on in the world, and digital currencies unlike the U.K.pound sterling have been hit badly because of Brexit, so people are looking to divest into bitcoin.ethereum miner comparisonThere is a definitely upward trend.bitcoin vps offshoreSo the drivers will be hedging against currency fluctuations and insecurity in the markets."ethereum bubble 2017Peter Smith, CEO of Blockchain, a bitcoin wallet, told CNBC by email that his company is seeing "unprecedented volume and sign ups", adding that at the current price appreciation, a £3,000 dollar price by the end of the year is "feasible".huong dan dao bitcoin

Experts said a number of other factors could help boost bitcoin this year.These include: The expected approval of a bitcoin-based exchange traded fund created by Tyler and Cameron Winklevoss.This could lead to a "flood of institutional funds" entering the market, according to Thomas Glucksmann, head of marketing at cryptocurrency trading platform Gatecoin.Japan has recently passed a bill that deems digital currencies as similar to fiat money and can be used as methods of payments, which could further the credibility to the cryptocurrency, which was once seen as just a means to buy illegal drugs Glucksmann said that $3,000 by the end of the year seems "realistic" but somewhere in the region of $2,000 to $2,500 is a safer prediction.bitcoin in hyderabad"The bitcoin price will continue to rise this year although it's difficult to say by exactly how much," Glucksmann told CNBC.moon bitcoin reddit

Disclosure: Adam Davies of Altus Consulting owns bitcoinThe sixth win in a row for the S&P 500, that is.Not even OPEC disappointments seem able to derail U.S.stocks, with early gains for HP helping the mood.Oil has been on a wild ride so far, check out our chart of the day for that.That other march higher — the rally for bitcoin BTCUSD, +0.33% and other cryptocurrencies — is also still going strong.A single bitcoin is fetching more than $2,700.Some out there seem to have no doubt that $3,000 is not far off: is this the perfect trend or not?bitcoin is climbing towards $3000!/2iZ70Tmhgd— iDigBitcoins (@iDigBitcoins) May 25, 2017 Our call of the day comes from John McAfee, the colorful founder of the antivirus software company, former fugitive and now CEO of MGT Capital Investments MGTI, +7.92% .“Bitcoin has enormous momentum,” McAfee says.And MGT is stepping up its bitcoin mining.“Today’s announcement is transformational for MGT.Not only does it vastly improve our financial profile, but it positions us as the only public company in the space,” says McAfee, of the former video gaming company turned cybersecurity firm.

Others say there is plenty of reason to believe a crash could be coming for the currency that still baffles many.But McAfee’s enthusiasm comes alongside growing respect for bitcoin investors right now.IG’s Chris Weston has this to say: “I genuinely can’t wait to see young tech heads driving down Collins Street in a new Aston, because they had the stones to be able to hold their exposure through what has been an exponential move without ever having taken profit.” (The Aussie is referring to a major Melbourne thoroughfare).Bitcoin is the “mother of all FOMO (Fear of Missing Out) trades,” Weston writes.“Perhaps the fact I am putting so much focus on bitcoin suggests a top has been seen and I am the taxi driver contrarian indicator.We shall see, but our flows in bitcoin have been huge,” says the big brokerage’s strategist.And check out the advice that Reddit bitcoin community member TotalMelancholy gave a fellow trader who made a bad move recently: “The key to trading altcoins is to set targets of 10-15% profit after buying into an altcoin, instead of the X00% people try to chase.

10% is very easy during a bull market like this, and it’s fairly low risk.It doesn't sound like much, but consistent +10% trades add up very quickly!Diversify, rinse and repeat and you’re pretty much sitting on a money tree.” Read: Here’s why bitcoin may never go mainstream The Dow DJIA, -0.01% , S&P SPX, +0.16% and Nasdaq COMP, +0.46% are all higher at the open.That’s as the dollar DXY, -0.24% is slightly lower and gold GCM7, +0.69% is moving up.Check out our chart of the day to see what oil’s been up to on OPEC day./O4CF2kmdd9— Anjli Raval (@AnjliRaval) May 25, 2017 Get the latest action in Market Snapshot.Tesla TSLA, +0.22% factory workers have suffered injuries at a higher rate than the industry average over the past two years, says a new study by a California nonprofit.And those workers also spent more days away from work due to injuries than the auto industry average.Read: The many failures of Elon Musk, captured in one giant infographic HP HPQ, +0.51% is climbing after posting better-than-expected quarterly results.

See: HP boosted by double whammy of PC and printer growth Best Buy BBY, -0.07% , Dollar Tree DLTR, -1.60% and Hormel HRL, +1.51% all reported.Facebook FB, +1.09% has reportedly signed deals with BuzzFeed, Vox Media and others to create shows for its video entertainment service, say sources quoted by Fortune.President Trump is sitting down with EU leaders for the first time on Thursday.You know it’s OPEC day when...you get a swan-dive chart like this one.That roller coaster of a meeting in Vienna has been batting oil prices around, with crude below $51 as the Saudis ruled out deeper output cuts.More to come on that as the meeting is ongoing.Greg Gianforte just body slammed me and broke my glasses— Ben Jacobs (@Bencjacobs) May 24, 2017 “Greg Gianforte just body slammed me and broke my glasses.” — That was Ben Jacobs, Guardian political reporter who tweeted this out after a scuffle with Montana congressional candidate Greg Gianforte on the eve of a special election.

The Republican politician has been charged with misdemeanor assault.Dirty Dancing Havana Nights: We completely ruined Dirty DancingABC: Hold my beer.#DirtyDancing— Lucy on the Ground (@lucyo21) May 25, 2017 Based on Twitter reaction, no one seemed to be having the time of their lives with ABC’s Dirty Dancing remake The TSA will begin rolling out tighter screening at 10 U.S.airports Trump may get an earful from U.K.PM Theresa May later over Manchester attack details that showed up in U.S.publications The president of the Philippines threatens martial law to combat a rise in ISIS Good news chocolate lovers: Study shows a little each week helps your heart A moment of silence ends with this Manchester group sing: Goosebumps!/Cw4mOq8yde— Josh Halliday (@JoshHalliday) May 25, 2017 Need to Know starts early and is updated until the opening bell, but sign up here to get it delivered once to your email box.Be sure to check the Need to Know item.The emailed version will be sent out at about 7:30 a.m.