Bitcoin hits new all-time high despite bubble fears

The price of digital currency Bitcoin has surged again, reaching a new all-time high as it passed $6,300 (£4,788) in overnight trading.

Some analysts say they fear the booming share price is a bubble that could burst any time soon, but investors have shrugged off suggestions it’s overpriced and keep buying.

The Bitcoin price beat all previous records just last weekend when it hit $6,100, but has now surpassed that.

Veteran investor Warren Buffet has called Bitcoin a ‘mirage’ Photo: USA International Trade Administration

The price remains highly volatile, however, and has now settled back at around the $6,167 mark. Bitcoin’s market cap is now estimated to be in the region of $100bn, according to data from CoinMarketCap.

'Enron in the making'

Among those calling out the rising Bitcoin valuation are the likes of billionaire investor Warren Buffet, who has called it a “mirage”, and Saudi Prince Al-Waleed bin Talal, who called it an “Enron in the making”.

"I just don't believe in this bitcoin thing," Prince Al-Waleed told CNBC. "I think it's just going to implode one day."

Others disagree, however. "We're seeing confidence in Bitcoin growing steadily," cryptocurrency derivatives exchange trader Joseph Lee told CoinDesk. "It's great for adoption."