The bitcoin bounce: what does the new record high mean next?

Bitcoin is back. A new record high this week capped a year of remarkable price gains for the cryptocurrency, which has tripled in value over the last 12 months.

For many market watchers, the new all-time high of $69,000 came as no surprise, though the speed at which it rose caught out even the most bullish analysts.

Less than 18 months ago, bitcoin was languishing below $16,000. Prices plummeted by more than 70 per cent during a crash that saw cryptocurrency exchanges collapse and multibillion-dollar crypto projects fail.