Bitcoin surges above $5,000

Enlarge (credit: Thomas Trutschel / Getty Images News)

Bitcoin surged on Thursday morning, blowing past $5,000 for the first time and setting a new record price above $5,200.

The rise is remarkable because there has been quite a bit of unfavorable news about Bitcoin in recent weeks. China, one of the biggest markets for Bitcoin, is shutting down trading. The Bitcoin community faces ongoing acrimony over how to scale the Bitcoin network. A contentious fork split the Bitcoin network in two in August, and there might be another schism in the Bitcoin community come November.

Finally, many experts believe that the broader blockchain world is in the middle of an unsustainable bubble. If that bubble pops, Bitcoin's price is likely to fall with it.