Bitcoin Price Crosses $5000 To Reach An All-Time High

Bitcoin soars above $5100 mark following good news from China

For comparison, Gemini, the bitcoin exchange run by the Winklevoss twins, allows users to instantly buy and trade up to $500 per day in cryptocurrency purchased via ACH transfer, but won't let you withdraw it from the exchange until the withdraw clears. It started the year at "just" $966 and quickly spiked to more than $3,000 by June.

A final factor driving Bitcoin's growth: increasing interest from mainstream financial institutions.

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. Excited by the gains in BTC prices, other investors jump aboard to extract their own gains.

To put this figure into perspective, just about a month ago the price hit a low of $2900. A Reuters report even claims that Russia's central bank may block websites offering cryptocurrencies.

Unlike a real-world unit such as the U.S. dollar or euro, bitcoin has no central bank and is not backed by any government.

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Bitcoin surged to a fresh record on Thursday as the enthusiasm for cryptocurrencies showed little signs of abating. Bitcoin has a lot further to go than this price point to become a real world currency, as it was created to one day be. Consequently, this bitcoin exchange serves as the on-ramp for many investors into the crypto economy.

Bitcoin appeared to be stumbling following indications that China was fighting against it, but a change of heart has seen its price soar again.

Though there have been many warnings about a Bitcoin "bubble", including from European Central Bank Deputy Governor Vitor Constancio, some say it has much further to climb. In fact, it might make holders of existing Bitcoins richer.

So, why is this rise being witnessed in the cryptocurrency world?

Elsewhere in the cryptocurrency markets, ether and litecoin are also seeing positive price moves, according to CoinMarketCap data.

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