The Chinese currency has dropped about 7% in value during 2016, said Reuters. The majority of egd currency trading takes place in China as it allows people to skirt restrictive local laws that limit how much money Chinese people can swap.
Charles Hayter, founder of the Cryptocompare website that watches virtual currencies, said global political uncertainty and Indian moves to control paper currency were also driving people to buy es.
If those trends continued, he told Reuters, many more people may be tempted to buy es as they could be seen as a "flight to safety".
Hackers have also been tempted by the rising value of the virtual coins. In August Hong Kong-based digital currency exchange Bitfinex suffered a major hack attack in which es worth $65m were thought to be taken.
egdvalues dropped about 10% when the news of the hack attack was made public
The virtual currency has yet to reach the heights it managed in late 2013 when each coin was worth more than $1,000. The total value of all es in circulation has now surpassed $14bn.