Bitcoin just passed $5000

As we previously reported, the growth can be linked to several factors ranging from political concerns to a recent split into two currencies - the first being Bitcoin classic and Bitcoin cash. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago.

"The interest really stems from the media hype", he added.

Vladimir Putin, the Russian president, this week called for regulation of cryptocurrencies, saying their use "bears serious risks" such as money laundering, tax evasion and funding for terrorism.

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Data released last week from SEMrush, a search engine data analytics firm, found the price had a 91 per cent correlation with Google searches on bitcoin, suggesting that all news - whether negative or positive - drives up demand, even if bad news can have a temporary negative effect. Majority of cryptocurrency transactions occur in the Bitcoin network.

But after dipping below US$3000 in mid-September, bitcoin has leapt in value by more than 75 per cent in four weeks.

It has been a volatile journey, with the cryptocurrency sliding down to under $3,000 last month when Chinese authorities announced a ban on trading the currency.

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Bitcoin, a virtual currency created from computer code, was worth only a few United States cents was launched in 2009 by someone using the Japanese-sounding name Satoshi Nakamoto. "For bitcoin no such fundamentals exist".

Bitcoin's rival ethereum rose 1.93 percent to $307. Its gradual price rise over the years has also made it a favorite among cryptocurrency speculators.

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