Bitcoin breaks the $5,000 barrier for the first time
The digital currency hits another record high.
Bitcoin has broken the $5,000 barrier for the first time. The digital currency peaked at $5,103.91 on Saturday.
The latest high helped propel the total value of publicly traded cryptocurrencies – including bitcoin, Bitcoin Cash and Ethereum – to more than $176 billion, according to the BBC.
The latest peak sent the market into a spin over the weekend and investors have been selling off over the past 24 hours. On Monday, bitcoin remained at $4,485.
Last month, we revealed how a Goldman Sachs chart analyst predicted that bitcoin could reach $4,827 before losing half its value. The prediction, however, turned out to be incorrect and the digital currency continues to soar.
Leading analysts from around the globe are predicting that bitcoin could reach the tens of thousands in the coming years. Experts insist that the 21 million coin cap will inevitably drive prices higher.
Bitcoin has been experiencing a global surge for most of this year, after several nations legalized the currency and investors are becoming more interested as prices rise.
Japan recently approved the cryptocurrency as a payment method and this has led to more bitcoin being bought with yen, which is helping to bump up the price globally.
Meanwhile, Russia is looking to regulate the digital currency and the US is looking at ways of how to move forward with it. It was recently revealed that the US government will adopt the cryptocurrency in order to trade in secret.
Calls have also been made to revamp bitcoin transactions after a backlog in the system caused transaction times to increase ten-fold. Two opposing arguments were put forward to tackle the issue and the issue is still under debate.
As a direct response to this debate, Bitcoin Cash was born and became the third highest traded digital currency after bitcoin and Ethereum.
Read our predictions for bitcoin’s future value and exchange rates as of August 2017.