Bitcoin is closing in on its all-time high

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Bitcoin is trading at its best level in a month. The cryptocurrency is up 2.8% at $1241.35 a coin and is within striking distance of its all-time closing high of $1277.65, which was set on March 6.

Four days later, bitcoin put in a record high of $1327.19 before crashing more than 25% after the US Securities and Exchange Commission rejected the Winklevoss twins' plans for a bitcoin ETF. The SEC rejected the plans for another bitcoin ETF just a few weeks after that.

However, bitcoin has rallied off its March 24 low of $959.45 as it has gained acceptance elsewhere. First, Japan announced it was accepting the crypticurrency as a legal payment method , then, Russia said it would consider recognizing bitcoin and other cryptocurrencies in 2018.

Bitcoin has been the top-performing currency every year since 2010, aside from 2014. It's up 30% so far in 2017.

Get the latest Bitcoin price here.

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