The price of bitcoin has risen above $19,000 for the first time in nearly three years.

The cryptocurrency is now less than $1,000 away from hitting its all-time high, having traded below $5,000 as recently as March.

Analysts have attributed bitcoin’s recent price surge to increased institutional investment, which has been spurred on my economic and geo-political uncertainty brought about by the coronavirus pandemic.

A recently leaked report from a senior analyst at Citibank described bitcoin as “21st Century Gold” and suggested that current market trends could push its price towards $300,000 next year.

Bitcoin’s notorious volatility will likely mean that if more gains are to come, then there will likely also follow a heavy crash.

“The whole existence of bitcoin has been characterised by unthinkable rallies followed by painful corrections (the type of pattern that sustains a long term trend),” the report stated.

“This [latest surge] could potentially peak in December 2021… Suggesting a move as high as $318,000."

Other major cryptocurrencies, including ethereum (ether), Ripple (XRP) and bitcoin cash also experienced significant market movements on Tuesday, with all three rising by between 5 and 35 per cent over the last 24 hours.