Bitcoin is now trading above $5,100, marking a new record high for the digital currency. This beat its previous high of just over $5,000 set on Sept. 1.
As ever, the reasons for the rally remain opaque. What is clear is that a shutdown of bitcoin exchanges by the Chinese government in September only momentarily slowed the price rally. Trading volume in China has plunged to about 1.6% of the global market, according to Crypto Compare, a data provider.