BITCOIN prices shot past the $8,200 mark on Monday, in an all-time record high value for the volatile crypto token.
Bitcoin bounced back after plummeting almost 30 per cent on November 12, to smash through through several new records in the following week.
On Sunday afternoon the cryptocurrency breached through £6,113.88 ($8,100) and has now risen up to over $8,230, according to CoinDesk.com.
In a further show of success, bitcoin's market cap of around £103billion ($137billion) is now greater than 93 per cent of companies in the S&P 500 – America's top 500 businesses.
The incredible rally came off the back of crypto traders selling off their tokens in exchange for bitcoin cash a just over a week ago, causing prices to drop.
Lukman Otunuga, an analyst at currency brokerage ForexTime Ltd said: “I find it remarkable and somewhat frightening how, no matter how much Bitcoin is pummelled by sellers, it simply bounces back even stronger.
"The most talked about cryptocurrency marched to a record high above £6,037.60 ($8,000) on Friday, just five days after it sharply tumbled 29 per cent.
"Bulls are always hungry for an opportunity to make a move, and this was delivered in the form of renewed ambiguity around the SegWit2X fork."
Bitcoin traders rejoiced earlier this month when the controversial SegWit2X software update was rejected by its creators due to a lack of unanimous support.
SegWit2X aimed to increase bitcoin's block size to 2MB, however many traders were concerned that any errors in the update process could undermine bitcoin.
The decision to pull the plug on the update led to a brief spike in confidence behind the token and prices rose as a result.
But bitcoin prices continue to soar, some analysts have expressed concerns that the currency is stuck in a bubble.
However a recent poll conducted by Nicholas Colas at DataTrek Research, has found that traders are very much confident in the token, with only 39 per cent recognising the signs of a bubble.
The poll of 300 people further found that about 16 per cent of respondents expect bitcoin's value to double in six months or sooner.
But despite bitcoin's string performance and community support, the overall number of bitcoin transactions every month has seemingly stagnated without any meaningful growth
Transaction charts from Blockchain.info reveal that daily transactions through mid-October were roughly the same as at the start of the year.
This is probably due to bitcoin reaching its technical limitations for peak performance – something which the SegWit2X update aimed to tackle.