Bitcoin has risen in value, smashing past the $5,000 mark and reaching an all-time high.
According to CoinDesk’s Bitcoin Price Index (BPI), the digital currency was trading at $5,161 soon after 11:00 UTC, representing a 6.8% increase from today’s opening price of $4,830.77.
At press time, bitcoin had risen further to $5,205.65.
Renown for its volatility, the cryptocurrency has risen in value by approximately 750% over the past 12 months – and is now worth four times as much as an ounce of gold.
At the beginning of the year, one bitcoin was worth $966 but it’s value has suffered significant – and heavily documented – fluctuations throughout the year.
The cryptocurrency made headlines last month after it dropped below the $3,000 point following reports that Chinese authorities were looking to crackdown on the digital currency.
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At the time, Beijing told crypto exchanges to cease operations and to stop accepting new registrations following concerns that more consumers participating in the market could lead to wider financial issues.
Bitcoin vs blockchain
Despite bitcoin’s underlying blockchain technology receiving plenty of praise for its potential to overhaul financial services and change the way in which transactions are recorded and data is stored, the cryptocurrency hasn’t always been well-received by figureheads of mainstream financial institutions.
Jamie Dimon, chairman, president and CEO of JPMorgan Chase, recently said bitcoin was a fraud and that it would ultimately blow up. Just last month, he said the market for digital currencies was limited, arguing that cryptocurrencies were only fit for illicit purposes.