Bitcoin bursts through $5000 for the first time

Bitcoin Surges Past $5,000 USD to Establish New All Time High

Bitcoin Hits New Highs

That good news lifted the entire market, as green arrows filled the screens and investors poured money into the market. The major milestone comprises a complete reversal of the approximately 40 percent drop triggered by China's cryptocurrency crackdown last month.

So, amid constant talk of a bitcoin bubble, why is bitcoin's price rising? This amid rumblings over another SegWit2x controversy on the horizon.

By many measures, digital currencies are as strong as ever.

This post was syndicated from Bitcoin News.

Between 60 and 70 percent of new bitcoins are mined in China, where the local leader Bitmain has imposing infrastructure.

Also showing green arrows was Ripple XRP, up more than two percent to $0.262369; Litecoin, which gained more than three percent to $58; Bitcoin Cash, up percentage points to $316; Dash, moving up to $344, a gain of more than four percent; and Monero, up close to 10 percent at $95.

Bitcoin, a virtual currency created from computer code, was worth only a few USA cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto. At the time of writing, at 6 a.m.

On 10 October, Russia chose to block access to websites of exchanges that offer crypto-currencies such as Bitcoin, Russian Central Bank First Deputy Governor Sergei Shvetsov said. Today's low was $5,396. Bitstamp's 24 hour volume was $153,993,000. The unprecedented highs keep on coming, and if investors such as Mike Novogratz are to be believed it is only a matter of time before Bitcoin hits $10,000 and higher.

These statistics were consolidated from 9 different exchanges.

Even bitcoin fans were plagued by doubts over the summer when Chinese regulators cracked down on exchanges trading the virtual currency and a dispute among developers gave birth to a new version, splitting the market of the budding currency.

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