Bitcoin set record high of $5380

13 October, 2017, 00:54 | Author: Terri Saunders

Bitcoin is now trading at $5,186 compared with $966 at the start of the year.

Bitcoin has raised in value by more than 75 per cent in the last four weeks.

In September, Bitcoin plunged below $3,000 after China ordered domestic Bitcoin exchanges to shut down days after it said initial coin offerings (ICO), or digital token sales, were illegal. It is important to note that the valuation of Bitcoin is highly volatile and more hard to sell than traditional assets.

Get Trading Recommendations and Read Analysis on Hacked.com for just $39 per month. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

But that was not enough to put investors off, with bitcoin rallying around 10 per cent since then. The cryptocurrency dropped to a low of $2,980 in mid-September on the news China had banned token sales and that local cryptocurrency exchanges would shut in the aftermath.

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Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency.

As we previously reported, the growth can be linked to several factors ranging from political concerns to a recent split into two currencies - the first being Bitcoin classic and Bitcoin cash. But determining its value is hard.

The #price of #Bitcoin passed the $5,000 mark early Thursday.

Bitcoin's market cap has reached $80 billion during the latest rally, which is more than half of the total cryptocurrency asset class.

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