Bitcoin price soars above US$5,000 to record high

Cryptocurrency is now worth four times as much as an ounce of gold, costing US$5,000, its “all time high”.

According to The Guardian, the digital currency has “soared” by more than 750% in the past year, and rose more than 8% to US$5,243 having started the year at US$966.

In mid-September, the digital currency plunged below US$3,000 after Chinese authorities announced a “crack down”.

To block new registrations and stop trading, Bejing ordered cryptocurrency exchanges, because of worry that the bitcoin market could cause financial issues.

Jordan Hiscott, chief trader at Ayondo Markets, said to The Guardian: “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.”

Written from press release by Leah Alger

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