$5,856: Bitcoin Price Hits New Record High

The value of a bitcoin reached a new all-time high of $5,856.10 at around 02:45 UTC this morning.

The new price record comes just hours after setting new highs with a strong move beyond $5,000 yesterday, according to CoinDesk’s Bitcoin Price Index. At 16:30 UTC Thursday, bitcoin was at $5,363.

Bitcoin started the session today at $5,439, before rising sharply to the new high in just 2 hours 45 minutes. Today’s low was $5,396.

The price of the cryptocurrency has since dropped to $5,704 at press time – a rise of around 13 percent over the last 24 hours. For the week, bitcoin is up over 30 percent.

Elsewhere in the cryptocurrency markets, ether and litecoin are also seeing positive price moves, according to CoinMarketCap data. Ether is up over 5 percent over the last 24 hours, while litecoin is up almost 14 percent.

The combined market cap for all cryptocurrencies is once again climbing towards the Sept. 1 high of $172.5 billion, peaking this morning at $171.94 billion. Bitcoin’s market cap is today $95.5 billion, over 55 percent of the total market.

Taking an overview, it would seem that the market fears caused by China’s ICO ban in early Sept., and the voluntary closures of domestic cryptocurrency exchanges that followed, have now almost completely been shrugged off by the market.

Hot air balloons image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

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