Not content with hitting above $5,000, bitcoin price has now shattered past the ceiling with a new all-time high. As recently as December, bitcoin was trading at less than $1 000 dollars. For one thing, the Chinese effect has been shown to be limited-even though China has been a major country in the bitcoin community, in terms of both bitcoin "mining" and use, the regulatory crackdown there did not doom bitcoin elsewhere.
What are your expectations from the ongoing Bitcoin boom? Bitcoin price touched $5,167.90 in early trade on Thursday, according to data furnished by industry website Coindesk.
Bitcoin's continuing rise has so far silenced its critics, now presumably sat aghast at this behemoths rise. One factor may simply be that the blockchain bubble hasn't run its course. Last month, China - followed by neighboring South Korea - banned cryptocurrency exchanges across the country and also impose ban on initial coin offerings (ICOs). Legal and logistical barriers make it hard to sell a newly created cryptocurrency for conventional currencies like dollars or euros. Litecoin now ranks as the fifth most valuable cryptocurrency, trading at just under $60.
Bitcoin price soars to lifetime high. The August fork split the Bitcoin network in half, creating a new cryptocurrency called Bitcoin Cash that was a flawless copy of the original Bitcoin network-including its transaction history. Those that are bullish on Bitcoin Classic want to own the currency, which comes as no surprise.
A final factor driving Bitcoin's growth: increasing interest from mainstream financial institutions.
For Neil Wilson, analyst with Etx Capital, "the prospect of Goldman Sachs trading bitcoin is also driving buying as this might give it a toehold on Wall Street that could bring it into the mainstream and attract fresh inflows of capital". Except these tailwinds were just made by traders looking to skim off the Bitcoin rally.They are likely to return to ETH as soon as the fork is over.