Bitcoin surges past $5K to record an all time high

By : |October 13, 2017 0

Bitcoin, the biggest and best-known cryptocurrency, has jumped past the $5,000 barrier, as reported by Reuters. The cryptocurrency rose by more than 8 percent to $5,243 having started this year at $966. Bitcoin has increased by more than 750 percent this year.

Bitcoin almost reached $5,000 at the start of September but fell back sharply after the head of JP Morgan blasted the cryptocurrency as a “fraud” and as China forced exchanges to close down, sparking fears of a broader crackdown. But after dipping below $3,000 in mid-September, bitcoin has leaped in value by more than 75 percent in four weeks.

The Winkdex chart shows the timeline how Bitcoin soared past the $5000 barrierWinkdex

The likely factors for the surge include a surging interest from Japanese investors and signs that proclaimed crackdowns in Russia and China will not be as severe as feared. Other factors include a move by the large US exchange Coinbase to let ordinary investors engage in day trading, and bullish notes from big banks like Goldman Sachs and even JP Morgan, a longtime bitcoin bull.

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Bitcoin is crossing new barriers every few days, however, its competitors Ethereum, Ripple, and Litecoin have not enjoyed much success.

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