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12 October 2017, 08:41 | Hattie Nash
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One bitcoin is now valued at $5,161 as of 0822 GMT.
The price of Bitcoin reached an all-time high, smashing through the $5,000 mark as it rebounds from a short period of uncertainty. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.
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.
Neil Wilson, senior market analyst at ETX Capital, said investors in bitcoin are also buoyed by news that United States banking giant Goldman Sachs plans to trade the cryptocurrency. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago. High Bitcoin transactions show the high levels of interests the public has on Bitcoin.
On Tuesday, Vladimir Putin called for regulations on cryptocurrency, labeling it a "serious risk" used for illegal activity such as money laundering, tax evasion, and funding terrorism.
Bitcoin is the biggest and most popular cryptocurrency.
But after dipping below US$3000 in mid-September, bitcoin has leapt in value by more than 75 per cent in four weeks. "So we expect some investors to be surprised by bitcoin bouncing back", said Iqbal Gandham, managing director at broker eToro UK, in a note on Thursday.
Jordan Hiscott, the chief trader at Ayondo Markets, said: "The returns are truly remarkable, especially given the recent ban on bitcoin trading in China, where demand had previously accounted for at least 10% of all global volumes". Meanwhile, Citi's CFO said his bank is taking an "intense" look at cryptocurrencies and blockchain. "For bitcoin no such fundamentals exist". Its gradual price rise over the years has also made it a favorite among cryptocurrency speculators.
Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations.
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