Bitcoin hits $5,000 mark

Well this seems to be a trend, Bitcoin is hitting new highs! Oh no, Bitcoin is dropping! Oh wait, it's coming back up again!

Well this week Bitcoin is on its way back up again and has hit its all time high crossing over the $5,000 mark for the first time. While Bitcoin has never been higher, based on the trends we've seen over the past few months it will probably drop off a little, however, I would have never bet that it would hit $5,000 this soon.

The Gaurdian has the full story.

The price of bitcoin has smashed through $5,000 to an all-time high.

The cryptocurrency rose by more than 8% to $5,240, having started the year at $966. Bitcoin has soared by more than 750% in the past year and is worth four times as much as an ounce of gold.

But the price has been volatile. The digital currency plunged below $3,000 in mid-September after the Chinese authorities announced a crackdown. Beijing ordered cryptocurrency exchanges to stop trading and block new registrations, due to fears that increasing number of consumers piling into the bitcoin market could prompt wider financial problems.