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Bitcoin bursts through $5000 for the first time

13 October 2017

The price of bitcoin, the world's best-known cryptocurrency, has smashed through $5,000 to a new all-time high.

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Bitcoin smashed through the US$5000 (NZ$7000) barrier for the first time, jumping as much as 8 percent on the day as investors shrugged off the latest warnings on the risks of buying into the booming cryptocurrency market. It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared. It is important to note that the valuation of Bitcoin is highly volatile and more hard to sell than traditional assets.

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. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.

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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. The bitcoin price has continued to climb on every major cryptocurrency exchange, and it has now risen to a record $5,419 on Bitfinex.

The main reason why the valuation of Bitcoin is rising is due to a rise in demand for the cryptocurrency.

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Bitcoin bursts through $5000 for the first time