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

Read more on this subject: Bitcoin
News Story Source: 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.

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.

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-
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