The price of Bitcoin has hit new highs on Monday morning at 8.45am. The value of one bitcoin hit $30,781 (around R586,321).
The cryptocurrency price shot up after a few comments by US Federal Reserve chair Jerome Powell.
The comments by the chair were made last week Friday.
According to FXSTREET, Powell noted that the long-term US treasury yields were rising and that the US government may pause interest rate hikes, come November.
This pause on interest rates would be dependent on inflation data. If inflation in the US rises sharply, it could cause a delay in the pause.
The price of Ethereum has also shot up, reaching $1,689 (R32,113) this morning at 8.45am.
Last week FXempire noted that a number of large institutional investors have moved their focus to Ethereum, rather than Bitcoin.
The cryptocurrency platform highlighted that Ethereum could overtake Bitcoin in value this week.
When the crisis in the Middle East escalated earlier this month, a number of crypto investors hedged their bets on Bitcoin and piled their reserves there.
As a result, the price of Bitcoin rose by double digits and left other coins in its wake.
Investors are now seeing industry-wide recovery and are once again diversifying their portfolios and Ethereum is the most popular currency.