The price of bitcoin, the world's best-known cryptocurrency, has smashed through $5,000 to a new all-time high.
Bitcoin's community of users control and regulate the currency, and the anonymity of transactions that endears it to libertarians has raised concerns that it can be abused by criminals.
Bitcoin's valuation has surpassed $5,000 for the first time on Thursday. Its market capitalization is 53 percent of the market capitalization of all cryptocurrencies.
Bitcoin tumbled below $4 000 last month after China's central bank stepped up regulations on digital currencies, banning initial coin offerings, a popular means of fundraising for startups.
Russian Federation becomes the third major economy in the span of a month to put the clamps on cryptocurrency. Nettles said interest had been much higher than anticipated and has come from banks, hedge funds and brokers.
"Investors are seeing the lessons of history in the up-and-coming forks and hoping for an extra dividend", said Charles Hayter, co-founder of data analysis website Cryptocompare, adding that rumours on online forums that China could reopen exchanges could also be affecting the price. As recently as December, bitcoin was trading at less than $1 000 dollars. It is important to highlight the fact bitcoin could be bought for around $570 just about a year ago.