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Bitcoin just surged to a new record high above $US6,000

Sam Jacobs

Bitcoin's latest ascent continued overnight, with the price rocketing past $US6,000 amid another surge in demand.

The price climbed rapidly from around 9pm last night AEST, and a short time ago was comfortably holding above $US6,000 in weekend trade.

Also read: Bitcoin hits all time high 

This chart shows the sharp rise of more than 5% in overnight price action:

It's been another week of big price swings for the world's biggest cryptocurrency. On Thursday night AEST, the price fell as low as $US5,180 before rising back to around $US5,500 just as quickly.

Bitcoin has now climbed more than 40% in October, and at the current price above $US6,000, its market capitalisation has surpassed $US100 billion.

The October rally has taken place ahead of a further potential "hard-forks" to the currency, following the split of Bitcoin Cash in August.

One group of developers advocates for a separate version called Bitcoin Gold, which aims to level the playing field for the digital mining of new Bitcoins.

Also read: Elon Musk is selling a boring black hat for $20 — and people are eating it up

The contentious SegWit2x fork also looms ahead and is currently scheduled to take place in November.

The Segwit2x fork will see the implementation of the Segregated Witness code protocol with the aim of boosting transaction speeds.