The cryptocurrency broke another record on Sunday and rocketed to $11,773 (£8,736).
It capped a 30 per cent surge since last Thursday when the currency dropped out at $9,021 (£6,696) after plunging more than 20 per cent from last weekend’s high.
At one point on Sunday, bitcoin leapt more than $500 (£371) in an hour before settling at $11,005 (£8,171) later that afternoon after a slight drop.
Bitcoin cash, its offshoot, also surged on Sunday, peaking at $1,606 (£1,192) – which was just off its all-time high of $1,621 (£1,203).
The cryptocurrency broke another record on Sunday and rocketed to $11,773
According to CoinMarketCap.com, Bitcoin’s market cap as of Sunday afternoon stood at $186.8 billion and its price is up more than 1,000 per cent this year.
But, the cybercurrency is controversial and many experts have denounced it.
Last week the Nobel-winning economist Joseph Stiglitz said bitcoin is “smoke and mirrors” and “ought to be outlawed”.
Economic commentator Mark Hulbert predicts there is a greater than 80 per cent chance that bitcoin will soon crash.
Despite numerous financial professionals claiming the cryptocurrency would not survive certain challenges, the digital tender has so far proven them all wrong.
However, there are still many other challenges that could crash the digital currency.
One major issue with bitcoin is the amount of forks its has experienced due to disagreements between developers on how to upgrade the currency.
Bitcoin forks are splits of the original digital currency – with the most recent being the creation of bitcoin cash.