Bitcoin Price Soars Above $5000 to Record High

There’s no stopping Bitcoin as price hits new record high
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There’s no stopping Bitcoin as price hits new record high 0

Bitcoin's community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals.

The digital currency started off the year worth $966 and has increased in value by a massive 750 percent over the past year.

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Today, however, the bitcoin price continued to swell after piercing the psychologically-important $5,000 barrier and setting a new all-time high.

"The interest really stems from the media hype", he added.

Bitcoin's valuation has surpassed $5,000 for the first time on Thursday.

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But after dipping below US$3000 in mid-September, bitcoin has leapt in value by more than 75 per cent in four weeks. According to data from SEMrush, a search engine data analytics company found the price had a 91% correlation with Google searches surrounding bitcoin, suggesting news surrounding the cryptocurrency increases the valuation of Bitcoin.

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

Russia's central bank also said it would block websites of exchanges that are offering cryptocurrencies.

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