The price of bitcoin has surged overnight, closing in on its all-time high set back in 2013.

Immediately prior to reporting, global average prices had reached a high for the session of around $1,137, according to the CoinDesk Bitcoin Price Index. Notably, that figure is less than $30 below the maximum ever value of $1,165.89 set on 30th November, 2013.

The latest increase comes soon after bitcoin's longest ever period at over $1,000, and a notable period of volatility in recent months.

The highs also reflect confidence by traders and investors in an industry that has been somewhat rocked by moves by the Chinese central bank to restrict the actions of the country's bitcoin exchanges, causing a number of them to temporarily freeze withdrawals of the cryptocurrency in recent weeks.

Also lurking in the background, and possibly having an influence on price, is the imminent SEC decision on the Winklevoss brothers' bitcoin ETF – an event some experts have told CoinDesk that traders are already 'pricing in' a potential approval.

The 11th March ruling could see the approval of the first bitcoin ETF in the US market, opening the digital currency to a wider audience of investors. However, many in the industry do not see a high likelihood of approval by the financial regulator.

For more historical data and charts, visit the CoinDesk BPI here.

Trading chart via Shutterstock

Thanks to Daniel Palmer, CoinDesk for this article.

Judy Curtis,
Contributor