Bitcoin's valuation has surpassed $5,000 for the first time on Thursday. Since the start of 2017, the value of the cryptocurrency has increased by 500% this year.
Bitcoin has raised in value by more than 75 per cent in the last four weeks. Ethereum tokens, the second largest digital currency, were up about 2%, and bitcoin cash - an alternative formed by early bitcoin developers gone rogue - had gained close to 3%.
This week, Russian Federation has announced the regulation of digital currencies, as President Vladimir Putin said the instrument has significant financial risks.
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. Majority of cryptocurrency transactions occur in the Bitcoin network.
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Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations.
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.
- Financial analysts warn of an impending price bubble.
"Yet bitcoin was created to operate outside of the influence of governments and central banks and is doing exactly that".
Upcoming splits in its software, reports that Goldman Sachs is considering offering bitcoin trading, rumours that China could ease restrictions, and even a political crisis in Spain's Catalonia region were all cited by market-watchers as reasons for the rally.