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Bitcoin shatters past $5000 USD – cementing a new all-time high

Bitcoin today has reached a new all-time high of $5000 USD – recovering from a 40% drop which occurred over previous months.

Written by Bryan Smith Published on

Bitcoin today has reached a new all-time high of $5000 USD – recovering from a 40% drop which occurred over previous months.

Though numerous governments around the world have begun to cast their eye on cryptocurrencies for better or worse, Bitcoin has succeeded in rallying past the $5000 USD mark – beating the odds that set the coin back some 40% earlier this year.

2017 may well be remembered as Bitcoin’s most interesting year yet – the cryptocurrency broke the $1,000 USD mark in the first week of the year, and has now gone on to duplicate that figure five times over.

Read: Cryptoruble: Russia’s Central Bank mulls the creation of a national cryptocurrency

That news comes in the face of adversity – Bitcoin dropped a sizeable 40% following news that China would ban ICOs and later Bitcoin exchanges, and now wheels are turning in Russia after President Vladimir Putin condemned cryptocurrencies yesterday.

The occasion also occurs ahead of Bitcoin’s next potential hard fork in the form of Bitcoin Gold – the Bitcoin network forked earlier this year to generate yet another strain in the form of Bitcoin Cash.

Of course, there are some positive events afield – Taiwan has announced that it will embrace the trade of cryptocurrencies, while the city of Dubai has launched its own cryptocurrency dubbed emCash.

Following the closure of major Chinese exchanges, Japanese trading volume has increased to comprise nearly 60% of all Bitcoin trading volume; dispelling fears that China’s bullish behaviour may have stymied the further growth of the digital currency.

Though breaking the $5,000 USD barrier is a sizeable achievement, several analysts have predicted that the cryptocurrency may shatter the $10,000 USD mark in the months to come.

Read: Chrome, Safari, Firefox, Edge and other browsers could soon support cryptocurrency transactions

What are your thoughts? Be sure to let us know your opinion in the comments below!

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Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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