The CoinDesk Bitcoin Price Index (BPI) hit $280 this morning following a steady climb since mid-September.

The bitcoin price crossed the milestone at around 03:30 UTC having closed on Friday at $277.46.

Last Friday, a 2.5% rise tipped the BPI over the $260 mark. That day of trading marked a two-month high for the currency.

While pundits cannot agree on the cause of the rise, its clear that the majority of volume is coming from Chinese bitcoin exchanges.

According to data from Bitcoinity, in the past 24 hours, 37.81% of trading volume occurred on Huobi, with 35.94% occurring on OKCoin. This was followed by 7.3% on BTCC and 4.74% on Bitstamp.

Over the past 30 days, 41.83% of trades took place on OkCoin, 36.28% were on Huobi and 4.44% were on BTCC.

At the time of press, the bitcoin price was $279.05.

Featured image via Shutterstock.