Bitcoin smashed through the $5,000 barrier overnight

Cryptocurrency Bitcoin broke the $5,000 barrier in the early hours of Saturday morning.

After threatening late on Friday afternoon, Bitcoin hit new highs at around 1.30am UK time, topping out at $5,013.91.

The currency stayed over the $5,000 marker for around 10 minutes before taking a tumble. It is now worth just over $4,750.

Read more: Bitcoin edges closer to $4,700 after breaking past a new high

Source: Coindesk

With the latest record broken, the volatile currency has doubled in value since June. It is approaching a 1,000 per cent increase since this time last year.

The latest surge has been suggested by some analysts as being a result of events on the Korean peninsula. Similar to gold, analysts believe investors see the crytocurrency as a safe haven for investment.

On Thursday, Barclays, HSBC and Credit Suisse were among six major banks joining a project led by UBS to create a digital currency for financial services.

Canadian Imperial Bank of Commerce, MUFG and State Street will also join in with efforts to launch the Utility Settlement Coin (USC), alongside Santander, Deutsche Bank, BNY Mellon and Icap.

Progress over the last year

Source: Coindesk

Read more: Bitcoin erases last week's gains as it tumbles below $4,000

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