Cryptocurrency Bitcoin rose over 10 %, reaching a different all-time high of $2,537.16 on Wednesday. The surge marks an over $500 gain following Saturday’s?report?that it reached a record-breaking $2,000.

In the previous five days, the cryptocurrency gained over Forty percent and it is gains for May currently is at 88 percent. This year, Bitcoin has over doubled and also the surge last Wednesday brings it to over 160 percent, based on CoinDesk.

Bitcoin is operated by blockchain technology and it’s expected that it can use a broader application in industries much like the finance sector. Since market sentiment is an essential part of bitcoin’s surge, 56 companies and 83 percent of bitcoin miners supported the “Bitcoin Scaling Agreement” which details an upgrade which would help its transaction capacity. CEO of BCKM, Brian Kelly revealed that an upgrade becomes necessary as applications is often built over the cryptocurrency, adding more value to barefoot jogging.

Bitcoin surpassed records this holiday season. (Source)

DoubleLine Capital CEO, Jeffrey Gundlach tweeted that she believes this year’s Bitcoin surge has something connected with the stop by the Shanghai Composite stock index. It can be thought that because the yuan is weakening, Chinese are turning to buying digital currency. The yuan shrank within the last few quarter or so as Beijing ran investigations on digital currency exchanges and its stock exchange was regulated.

The Shanghai Composite was down 0.4 percent year-to-date which is one of the many global assets who has fallen while Bitcoin’s prices surged. As stated by CNBC, analysts are hoping that this cryptocurrency can one day replace the usual investments like gold. On the flip side, people who have an enthusiastic affinity for digital currency sees value of blockchain technology that supports not only Bitcoin but additionally its rival, Ethereum-seen to be a decentralized next-generation internet.