Gone are the days where you could by a Bitcoin for just a few cents, as now a single unit of the digital currency is worth over $5,000.
Bitcoin actually reached this milestone for the first time back on September 2, but it was pulled back the same day. This time around, though, it got there with relative ease, hitting $5,161 after increasing by 7% in the last 24 hours.
By now, we all know how unpredictable Bitcoin’s value can be. After reaching $5,000 for the first time, it sank all the way down to $3,000 by September 15, only to start rising again right after. The reasoning for the recent spike in price is due to a hard fork scheduled for October 25. What’s happening now is that a team of developers is creating a brand new version (or “fork”) of Bitcoin called Bitcoin Gold, which will serve as an entity all its own, completely separate from Bitcoin.
However, the two currencies will share the same chain, so everyone who own Bitcoin when the fork is implemented will also own the same amount of Bitcoin Gold. During the last fork, Bitcoin owners were pretty much given a decent amount of free money.
The details revealed to the public are not quite set in stone as of yet, so the rollercoaster that is Bitcoin might still experience some ups and downs, but it does look like the cryptocurrency is about to be more valuable than it ever was before.