Bitcoin price hits another record high

Bitcoin price hits another record high

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.

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