Bitcoin price hits another record high above $5,800 and is now up 480% this year

Bitcoin price hits another record high above $5,800 and is now up 480% this year
Bitcoin price hits another record high above $5,800 and is now up 480% this year

Bitcoin hit another record high on Friday, continuing the rally seen in the previous day amid renewed bullish sentiment from investors.

The price of the cryptocurrency hit an all-time high of $5,856.10 in the early hours of Friday morning, according to data from industry website CoinDesk. But profit taking from investors saw the bitcoin price fall as low as $5,396 in the following hours.

Its market capitalization — the total value of all bitcoin in circulation — hit $97 billion. Bitcoin is up over 480 percent year-to-date.

The catalyst for the rally, which began on Thursday, was speculation that China could reverse a recent ban it put on exchanges. Last month, regulators banned cryptocurrency exchanges with some of the largest in the country shutting down operations. Reversing this would bring the world's second-largest economy back online.

Experts also said that a major upcoming change could also be getting investors excited. Earlier this year, bitcoin split, and a new cryptocurrency called bitcoin cash was created. Another so-called "fork" is on the way, and this will create "bitcoin gold". Holders of bitcoin will automatically receive bitcoin gold, which is essentially "free money."

CNBC

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