After the Bitcoin market hit a snag a few years ago where its value plummeted to under $250, the digital currency’s price has been rising steadily. Back in 2013, it set a record for its value at $1,165. Now, that number has been surpassed and stands at $1,187 in the current market. What’s more, there are signs that Bitcoin is going to rise in value even more.

As Futurism points out, Bitcoin is currently hovering between being a well-known commodity and an enigma to the American people. In a recent poll, it was found that only 24 percent of US citizens even knew what the digital currency really was or what it is for. Now that it has surged past its all-time high record, that number is likely to change.

Bitcoin has certainly come a long way from its inception back in 2008 and public release in 2009. As it was then, the currency is privately traded on a peer-to-peer basis and doesn’t get the kind of government regulation that other types of currencies like the dollar or the yen get. Even so, it is fast becoming a popular option for payment and for keeping assets safe in case of market instability.

This is likely one of the reasons for its surging market value as well, TechCrunch notes. According to the publication, although there’s no concrete reason for why Bitcoin’s price is rising so fast, but a few assumptions can be made.

There’s the matter of the rising stock market, for one thing, with NASDAQ, Russel, S&P 500, and Dow all seeing jumps in performance over the last few days. TechCrunch points out that Bitcoin is slowly becoming tied to the market.

There’s also the fact that Mike Mulvaney is now the director of the Office of Management and Budget. Bitcoin fans are well-aware of Mulvaney’s fondness for the digital currency and his new post gives him considerable influence in elevating its status.