Editor's Note: Since this article was published, bitcoin prices have changed dramatically. At the time of writing, bitcoin was valued at $7,054.77. The currency reached an all-time high of $7,355.35 Thursday morning.
Anyone hoping the price of bitcoin would fall at the beginning of the new month was left disappointed on November 1. Instead of dropping, bitcoin's value increased to a new all-time high of more than $6,600.
As reported by CoinDesk, the height of the price surge occurred around 16:34 UTC (12:34pm EST), at which point bitcoin had a value of $6,629.00. At the time of writing, it's dropped down to only $6,608.11.
Bitcoin's value increased fairly consistently throughout October. On October 12, it surpassed $5,300, following a temporary drop in price the previous month. A little more than one week later, it broke $6,000 for the first time and was hovering above $6,000 on October 31.
Following this latest surge, bitcoin's total market capitalization is over $110 billion, and it now accounts for 60 percent of the $183 billion cryptocurrency market.
The value of bitcoin is expected to continue to increase, with some experts believing it will cross the $25,000 threshold within the next five years. Only time will tell if the recent launch of bitcoin gold will negatively impact the original's growth, but so far, the crypto has shown no signs of slowing down.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. Their personal investment perspectives have no impact on editorial content.