Bitcoin prices have risen above $800 for the first time since February 2014, setting a fresh 34-month high.

The digital currency’s price reached a high of $800.46, according to data from the CoinDesk USD Bitcoin Price Index (BPI). The move followed a month of progressive price gains, beginning the period at around $742, and caps a year of dynamic – and at times dramatic – market developments.

At press time, the price has slid back below the $800 mark, trading at an average of $799.20, BPI data shows.

Bitcoin prices have neared the $800 level in recent days, prompting some market watchers to predict that the market would likely pass the mark before the end of 2017.

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