After much criticism from Jamie Dimon and China banning domestic exchanges from trading cryptocurrencies, Bitcoin hit all-time highs when it surged to $5,386.23, as reported by Forbes and Coindesk.
After going down with almost 40% to $3,000 in August, the “people’s currency” is back with a vengeance. The new highs in Bitcoin price represent around 70% increase from the last dip.
With the cryptocurrencies finding numerous applications in different industries, bitcoin has surged over the $5,000 level in very little amount of time, experiencing great fluctuations in prices for the past three months. However, one thing is for sure: the overall growth of bitcoin is surpassing all predicted levels, especially with the tightening regulations in many countries.
According to Forbes, the total market capitalization of was around $165 billion, which accounts for 800% growth from just the start of the year, when the total market capitalization was $17.7 billion.
There are several theories why this surge is happening right now. One of them is that it is regulations that may prove valuable to bitcoin, with many retail investors taking interest in the currency.
Another reason can be the various applications of blockchain, which is fundamentally the underlying technology behind bitcoin.