Bitcoin smashes $5000 ceiling to hit another all-time high

Bitcoin smashes $5000 ceiling to hit another all-time high

Cryptocurrency Bitcoin has reached an all-time high of $5,186.

The digital currency has jumped 5 times so far this year.

Bitcoin's value rose more than 8 percent and stretched above $5,200 on Thursday morning thanks to rising investor interest, according to cryptocurrency news site Coindesk. The digital currency plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.

Reports have recently emerged stating that trading in the currency could resume but with increased regulation.

Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations. On Wednesday, Russian President Vladimir Putin warned of the risks surrounding the cryptocurrency market.

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The validation of even one Wall Street institution would "change bitcoin" by bringing in lots of big money. The decline was fueled by a comment from JPMorgan & Chase CEO Jamie Dimon who called bitcoin a fraud good for drug dealers and murderers.

The soaring value of bitcoin and other cryptocurrencies comes despite growing warnings over a price bubble.

"It is folly to think that bitcoin will ever be allowed to supplant central bank-issued money", he wrote in the Guardian this week.

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.