Bitcoin price soared past the $5,000 mark on Thursday, October 12, reaching a current all time high of $5,269 on the Bitfinex exchange.
Notably, Bitcoin’s trading volumes has also risen during the spike, with the first cryptocurrncy’s market share rising to 53.1% of all digital currencies and assets. Bitcoin’s global market cap has also risen to $160 billion, up around $10 billion in the past two days, suggesting new capital is entering the market rather than just money being moved around between currencies.
The new ATH comes just a month after Bitcoin prices fell by almost $2,000 dollars following news and often unconfirmed rumours about possible clampdowns on the digital currency in China. The new surge has also been preceded by critical comments from JPMorgan’s CEO Jamie Dimon calling Bitcoin a fraud.
In a separate statement, Kenneth Rogoff, professor of economics and public policy at Harvard University and a former IMF chief economist, has predicted that the technology behind cryptocurrencies will thrive but that the price of Bitcoin will collapse.
On the other hand, with recent speculation by a number of other investors of Bitcoin reaching $10,000 in six to 10 months, the price surge proves that there is still plenty of growth potential for the cryptocurrency.
With current anxieties high in the cryptocurrency community regarding further hardforks (segwit2x) and chain splits in the coming months, the price would appear to demonstrates a high degree of investor confidence.