Price of Bitcoin hits new all-time high, before slight fall

Price of Bitcoin hits new all-time high, before slight fall

Bitcoin was valued at 6 cents in 2010 but passed the $5,000 mark for the first time this weekend, although the high was short lived dipping back down to $4,867.19, Coindesk reported.

Bitcoin has surged in value this year mainly thanks to interest from the major financial institutions into crypto currencies that are backed by blockchain technologies to facilitate secure transactions.

Several major banks including Barclays and Deutsche Bank have joined together to create a “utility settlement coin”, while Kasikorn Bank in Thailand has also been developing its own blockchain technology.

Many market analysts are still skeptical about the future of Bitcoin fearing that the sudden surge in value may be followed by a “dotcom like” bubble burst. However, others precit that its value will only continue to rise.

Full story: http://tech.thaivisa.com/price-bitcoin-hits-new-time-high-slight-fall/24044/