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.