Bitcoin soars to a new all-time high above $5200


Coutts expects blockchain technology to change the world of finance

Bitcoin continued higher on Wednesday, approaching its best levels since early September as investors disregarded Russia's attempt to curb cryptocurrency exchanges.

Bitcoin's valuation has surpassed $5,000 for the first time on Thursday. Its price skyrocketed in December 2013 as well as mid this year. Bitcoin's #Market Capitalization has now reached $86 billion.

Two upcoming "forks" in the bitcoin software code, which will create rival clones of the cryptocurrency, were seen by some as a reason for the rise in price, which saw a boost after the "Bitcoin Cash" clone was created at the start of August.

Week-on-week, BTC is up 18.75 percent, while month-on-month it's up 23 percent.

Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency. Ethereum comes second with $383 million worth of transactions. Nettles said interest had been much higher than anticipated and has come from banks, hedge funds and brokers.

The Final Word: A murky regulatory environment hasn't slowed down bitcoin. Its gradual price rise over the years has also made it a favorite among cryptocurrency speculators.

On the US -based Bitfinex exchange, bitcoin rose to $5,228.3 up $403.5, or 8.36%, exceeding a previous high of $5,013.91 reached on September 2.

Latest News