Bitcoin prices surged as high as $4,854 on Tuesday, Oct. 10, nearing a record high price and continuing what's been a strong October for the digital currency.
After hitting a record price of $5,000 per coin in August, bitcoin crashed, with prices down as low as $3,000 in mid-September as China cracked down on the cryptocurrency.
The recent price surge has no obvious cause, but there are a few factors that could contribute to impressive gains this month. Last week, rumors swirled that Goldman Sachs Group Inc. (GS) - Get Goldman Sachs Group, Inc. (GS) Report was considering how a trading desk dedicated to cryptocurrencies might fit in at the investment bank.
Bitcoin investors have also become more confident lately that a possible "fork" of the cryptocurrency in November won't be particularly disruptive, according to Fortune. The fork would create a new, spun-off version of bitcoin, much like a fork earlier this year resulted in bitcoin and bitcoin cash.
Bitcoin traded most recently up 0.7% to $4,804.50 in early trading on Tuesday.
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