Bitcoin Price Soars Above $5000 to Record High

Bitcoin Stumbles Near New High But $5k Still in Play                          Oct 11 2017 at 11:30 UTC by Omkar Godbole

It is now worth four times more than an ounce of gold.

Bitcoin's valuation has surpassed $5,000 for the first time on Thursday. Its market capitalization is 53 percent of the market capitalization of all cryptocurrencies.

Bitcoin's rival ethereum rose 1.93 percent to $307.

Another major difference is that bitcoin's creation, value and integrity come from complicated, mathematical wizardry, known as "blockchain" technology, which regulates the creation of new units and essentially ensures the security of every transaction involving the digital currency.

However, investing in bitcoin remains risky, as it plunged to below $3,000 just in September after Chinese authorities shut down exchanges in the country.

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Bitcoin is the biggest and most popular cryptocurrency.

The cryptocurrency is highly controversial, with JP Morgan boss Jamie Dimon saying that it was only suitable for drug dealers, murderers and people living in North Korea. On Wednesday, Russian President Vladimir Putin warned of the risks surrounding the cryptocurrency market.

"It is folly to think that bitcoin will ever be allowed to supplant central-bank-issued money", he wrote in The Guardian.

The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble.

Upcoming splits in its software, reports that Goldman Sachs is considering offering bitcoin trading, rumours that China could ease restrictions, and even a political crisis in Spain's Catalonia region were all cited by market-watchers as reasons for the rally.

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