Business

Bitcoin price reaches record high

NEW YORK Bitcoin surged to a record high of more than US$6,000 (S$8,167) on Friday, pushing its market capitalisation to US$100 billion at one point, as investors continued to bet on an asset with a limited supply and has paved the way for a whole slew of crypto-currencies.

The original virtual currency has gained over 500 per cent this year, more than any other tradable asset class, after ending 2016 at US$968.

On Saturday, bitcoin hit an all-time high of US$6,147.07 just a day after pushing through the US$6,000 mark, according to data from industry website CoinDesk.

BLUE CHIP COMPANIES

This pushed up its market value to around US$100 billion, above or on par with US blue chip companies.

Bitcoin is very volatile - posting gains and losses as high as 26 per cent and 16 per cent respectively on any given day.

As a digital currency, bitcoin can either be held as an investment, or used as a foundation for future applications through the blockchain, a digital ledger of transactions. - REUTERS

Finance