Markets

Bitcoin price soars to record high

Bitcoin price soars to record high

Other cryptocurrencies gained value in that window of time as well. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold.

The world's most popular cryptocurrency bitcoin has seen another surge, pushing its value to a record $5,220 on Thursday.

However, investing in bitcoin remains risky, as it plunged to below $3,000 just in September after Chinese authorities shut down exchanges in the country. But he also warned against imposing "too many barriers", which appears to have given bitcoin a boost.

Jordan Hiscott, the chief trader at Ayondo Markets, said: "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".




According to data from SEMrush, a search engine data analytics company found the price had a 91% correlation with Google searches surrounding bitcoin, suggesting news surrounding the cryptocurrency increases the valuation of Bitcoin. "So to us, this bounce back in price is no surprise", the analyst added.

The cryptocurrency is highly controversial, with JP Morgan boss Jamie Dimon saying that it was only suitable for drug dealers, murderers and people living in North Korea.

"Yet bitcoin was created to operate outside of the influence of governments and central banks and is doing exactly that".

That said, Goldman Sachs is reportedly considering offering bitcoin trading and even China is considering easing restrictions of the cryptocurrency.


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