Bitcoin Valuation Skyrockets to $5000

It is now worth four times more than an ounce of gold.

Breaking a previous all time high of just over $5,000 in September before falling back down in price, Bitcoin has surged on. 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%.

Interestingly, not all cryptocurrencies are following bitcoin's lead today, which usually happens when the incumbent cryptocurrency experiences price fluctuations.

This morning Bitcoin shot past $5,000, and is now hovering around $5,300 - up almost 10% from yesterday. Majority of cryptocurrency transactions occur in the Bitcoin network.

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But those warnings aren't having a lasting effect on the value of the cryptocurrency. The decline was fueled by a comment from JPMorgan & Chase CEO Jamie Dimon who called bitcoin a fraud good for drug dealers and murderers.

"Bitcoin was created to operate outside of the influence of governments and central banks, and is doing exactly that", said Iqbal Gandham, Managing Director at retail trading app eToro, which has seen huge increases in cryptocurrency trading volumes.

- Financial analysts warn of an impending price bubble.

"It is folly to think that bitcoin will ever be allowed to supplant central bank-issued money", he wrote in the Guardian this week. Recent reports that the Chinese government will ease regulations and that Goldman Sachs Group is exploring how it could help its clients trade cryptocurrencies are now helping sentiment.

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