On Friday, August 20, the first cryptocurrency hit a new high since May, surpassing $48,700.
At the time of writing, bitcoin is trading at $48,760. The asset has gained 6.4 per cent in the past 24 hours, according to CoinGecko.
The price of the second-most-capitalised cryptocurrency rose 6.7% to $3263. BTC's dominance index is 42.3%, while ETH is 17.8%.
Recall that bitcoin sceptic and gold supporter Peter Schiff admitted that the rate of the first cryptocurrency could soar to $100,000 and he was in vain not to buy the asset in 2011.