The bitcoin price soared past $5,200 on Thursday to set a new all-time high and silence once and for all claims that China’s initial coin offering and bitcoin exchange ban would send the markets into a death spiral. The majority of other cryptocurrencies experienced moderate rallies, raising the total cryptocurrency market cap above $160 billion for the first time since September 8.
The combined value of all cryptocurrencies entered the day at $154 billion and steadily climbed leading into Thursday morning. At about 8:00 UTC, the bitcoin price spiked above $5,000, raising the total crypto market cap by more than $3 billion in less than 30 minutes. The total crypto market cap has continued to rise from there and currently sits at $161.8 billion.
Bitcoin Price Hits Record $5,220
Thursday’s market rally was almost single-handedly initiated and carried out by bitcoin, which has now officially put its post-China ban hangover in the rear-view mirror. The march past $5,000 was not a surprise — the bitcoin price had been hovering above $4,800 for most of the week — but it was a monumental achievement nonetheless.
Moreover, unlike the last time the bitcoin price touched $5,000, traders did not initiate a sell-off after reaching this checkpoint. Indeed, the bitcoin price has continued to rise into uncharted territory, extending as high as $5,222 late Thursday morning. At present, the bitcoin price is trading at a global average of $5,198, which represents a 24-hour increase of 8% and translates into a market cap of $86.4 billion.
Now that bitcoin has reached a new all-time high, it is likely that skeptics will unleash a new round of bitcoin obituaries, but CoinIRA CEO Trevor Gerszt says favorable regulatory environments like the U.S. and Japan will enable the bitcoin price to continue to rise over the long-term.