Money

Bitcoin Price Hits Another Record High Above $5,800, Now Up 480% This Year

Bitcoin hit another record high on Friday, continuing the rally seen in the previous day amid renewed bullish sentiment from investors.

The price of the cryptocurrency hit an all-time high of $5,856.10 in the early hours of Friday morning, according to data from industry website CoinDesk. But profit taking from investors saw the bitcoin price fall as low as $5,396 in the following hours.

Its market capitalization — the total value of all bitcoin in circulation — hit $97 billion. Bitcoin is up over 480 percent year-to-date.

The value of a bitcoin reached a new all-time high of $5,856.10 at around 02:45 UTC this morning.

The catalyst for the rally, which began on Thursday, was speculation that China could reverse a recent ban it put on exchanges. Last month, regulators banned cryptocurrency exchanges with some of the largest in the country shutting down operations. Reversing this would bring the world’s second-largest economy back online.

Experts also said that a major upcoming change could also be getting investors excited. Earlier this year, bitcoin split, and a new cryptocurrency called bitcoin cash was created. Another so-called “fork” is on the way, and this will create “bitcoin gold”. Holders of bitcoin will automatically receive bitcoin gold, which is essentially “free money.”

Longer term trends have also helped bitcoin’s price. Favorable regulation from the likes of Japan, which has allowed retailers to accept bitcoin for payment if they want, has supported bitcoin. Also, Goldman Sachs is considering the launch of a new trading operation focused on digital currencies. Some investors feel this is a sign that larger players could enter the market.

Top figures in the business world are also beginning to discuss cryptocurrencies. IMF (International Monetary Fund) Managing Director Christine Lagarde told CNBC on Thursday, that there could be “massive disruptions” from digital currencies.

But bitcoin is still facing strong criticism from countries and business leaders.

Russian President Vladimir Putin said on Tuesday that “buyers of cryptocurrencies could be involved in unlawful activities,” according to a Reuters report. Russia’s central bank also said it would block websites of exchanges that are offering cryptocurrencies.

JPMorgan Chase CEO Jamie Dimon recently called bitcoin a “fraud”but has since vowed to stop talking about it due to the negative reactions he received.

This story originally appeared on CNBC. Image courtesy of Chris Ratcliffe/Bloomberg/Getty Images.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Vladimir Putin Takes Icy Plunge To Mark Orthodox Epiphany
Vladimir Putin Takes Icy Plunge To Mark Orthodox Epiphany [Video]
Uproar Over Watches Threatens Thailand’s Ruling Generals
Uproar Over Watches Threatens Thailand’s Ruling Generals
Jacinda Ardern
New Zealand Prime Minister Announces First Pregnancy [Video]
French President Emmanuel Macron and Britain’s Prime Minister Theresa May
UK And French Leaders Reach Border Deal, Disagree On Brexit [Video]
Bitcoin
U.S. CFTC Sues Three Virtual Currency Operators For Fraud
Did The Bubble Burst
Did The Bubble Burst? [Podcast]
US Sheriffs Welcome $1.7 Million After Students Plead Guilty To Stealing 5,400 BTC
US Sheriffs Welcome $1.7 Million After Students Plead Guilty To Stealing 5,400 BTC
ICO Spotlight Ink Protocol, Fluence
ICO Spotlight: Ink Protocol, Fluence [Podcast]
Highly Effective Ways Of Using Reputable Online Workers
Highly Effective Ways Of Using Reputable Online Workers [Infographic]
6 Loopholes To Stay Alive
Facebook News Feed Armageddon Survival Guide: 6 Loopholes To Stay Alive
6 Free Twitter Marketing Tools
6 Free Twitter Marketing Tools [Infographic]
How To Be Insta Famous Without Taking Off Your Clothes
How To Be Insta-Famous Without Taking Off Your Clothes [Podcast]
Instagram's Adding Some New Tricks, Including Text-Only Stories Screens And GIFs
Instagram’s Adding Some New Tricks, Including Text-Only Stories Screens And GIFs
WhatsApp
WhatsApp’s Rolling Out New Business Tools Via A Dedicated App
Facebook Updates
Facebook’s Adding The Ability To Post To Stories From Desktop
Linkedin
LinkedIn’s Putting Renewed Focus On Groups, With New Tools And Options
8 Techniques To Reduce Stress In 15 Minutes
8 Techniques To Reduce Stress In 15 Minutes [Infographic]
How To Wake Up Early
How To Wake Up Early [Infographic]
Low On Motivation
Low On Motivation? 7 Psychological Hacks To Get Going
How To Stop Perfectionism From Controlling Your Life
How To Stop Perfectionism From Controlling Your Life [Infographic]