Bitcoin breaks above $1,000 reaches 3-year highs

The value of Bitcoin is starting 2017 on a strong note. The price broke above the $1,000 mark for the first time since 2013. 

BTC/USD jumped above $1,000 and peaked at $1,027. The digital currency is starting the year on a strong note after rising 130% during 2016. A month ago, it was trading at $730. 

The up-move in the bitcoin price took place despite the stronger US dollar. Analysts see the devaluation of the yuan and concerns about capital controls in China, as factors favoring the rally of bitcoin.