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$5,220: Bitcoin Price Hits New Record, Lifts Crypto Market Cap to $160 Billion

• https://www.cryptocoinsnews.com

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.

bitcoin price

Chart from CoinMarketCap

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

Chart from CoinMarketCap

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.

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