Bitcoin just passed $5000

Bitcoin just passed $5000

Bitcoin just passed $5000

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

Bitcoin is the biggest and most popular cryptocurrency.

The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations.

Typically for bitcoin, which at less than nine years old is still highly volatile and illiquid compared with traditional currencies and assets, the precise reason for its recent tear was unclear.

"People are just wanting to be part of it", said Ryan Nettles, head of FX trading and market strategy at Swiss bank Swissquote, which launched bitcoin trading two months ago. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

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

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But those warnings aren't having a lasting effect on the value of the cryptocurrency. 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.

"Bitcoin was created to operate outside of the influence of governments and central banks, and is doing exactly that", said Iqbal Gandham, Managing Director at retail trading app eToro, which has seen huge increases in cryptocurrency trading volumes.

Bitcoin, a virtual currency created from computer code, was worth only a few USA cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto. "For bitcoin no such fundamentals exist".

What bitcoin bubble? On Thursday, the popular crypto-currency defied skeptics' predictions and soared to a new all-time, past the $5,000 mark in the early morning and then climbing almost another $400 higher through the day.

Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations.

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

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