Bitcoin hit another record high today, 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% year-to-date, CNBC reported.
The catalyst for the rally, which began on Thursday, was speculation that China could reverse a recent ban it put on exchanges.
