Bitcoin rockets past $5200 price to reach all-time high

Bitcoin rockets past $5200 price to reach all-time high

The world's largest cryptocurrency rose as much as 7.4% and was trading 5.8% higher at $5 105 as of 10:59, resuming gains after a one-day break.

Bitcoin is the biggest and most popular cryptocurrency. It's price also reached a historical value of $5,226; this is not the first time Bitcoin's price has soared. It started the year at "just" $966 and quickly spiked to more than $3,000 by June.

The news come a month after China clamped down on bitcoin-related activity, ordering domestic bitcoin exchanges to cease operations.

Professor of economics and public policy at Harvard University, Kenneth Rogoff, expects the price of Bitcoin to collapse.

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The main reason why the valuation of Bitcoin is rising is due to a rise in demand for the cryptocurrency. As recently as December, bitcoin was trading at less than $1 000 dollars. It traded as high as $5,226, an all-time high.

Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations.

"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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