The Bitcoin price (BTC/USD) has surpassed the $5,000 level, setting a new all-time high, after a strong start of today’s trading that saw the cryptocurrency surging more than 4%.
According to data from cryptocurrency tracker Coinmarketcap, Bitcoin closed yesterday’s session at $4,826.48, down from an intraday high of $4,873.73. The rally resumed today, with the cryptocurrency steadily gaining ground in early trading, before spiking to record highs. The break above $5,000 added more fuel to the bullish sentiment, propelling the price to over $5,100. Some analysts now expect that the next test for the cryptocurrency will come at $5,200.
With today’s rally, Bitcoin has finally erased its September losses, which came as a result of China’s decision to ban initial coin offerings and shut down local cryptocurrency exchanges. This regulatory action dealt a heavy blow to the cryptocurrency market and tested the sector’s resilience. And it seems that Bitcoin has passed this test with flying colours.
This week provided another demonstration of Bitcoin’s resilience, when news of Russia’s plans to block local cryptocurrency exchanges were quickly shrugged off by the market.
$10,000 in six months?
Bitcoin’s performance over the past few days is an indication that the bullish sentiment is returning to the market. In an interview with CNBC earlier this week, ex-hedge fund manager Michael Novogratz pointed to the growing investor interest, forecasting that it would lead to further increase in the Bitcoin price. He also said that the cryptocurrency’s value could reach $10,000 in six to 10 months.
In today’s trading, the Bitcoin price stood at $5,178.97, as of 10:32 BST. The cryptocurrency has gained 7.5% over the past 24 hours, according to data from Coinmarketcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.