$5419: Bitcoin Price Goes Meteoric After Hitting All-Time High

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Bitcoin is now trading at $5,186 compared with $966 at the start of the year.

Today, however, the bitcoin price continued to swell after piercing the psychologically-important $5,000 barrier and setting a new all-time high.

Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse. 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, 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. Majority of cryptocurrency transactions occur in the Bitcoin network.

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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. "For bitcoin no such fundamentals exist".

Breaking a previous all time high of just over $5,000 in September before falling back down in price, Bitcoin has surged on.

Bitcoin's market cap has reached $80 billion during the latest rally, which is more than half of the total cryptocurrency asset class.

"Investors are seeing the lessons of history in the up-and-coming forks and hoping for an extra dividend", said Charles Hayter, co-founder of data analysis website Cryptocompare, adding that rumours on online forums that China could reopen exchanges could also be affecting the price.

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