BITCOIN IS BACK. Since Donald Trump’s election victory on November 5th, the world’s dominant cryptocurrency has surged to new heights above $100,000 a unit, enjoying a rise of 138% since the start of the year. Altogether, the world’s cryptocurrencies now have a market capitalisation of almost $4trn—making them more valuable than the entirety of Britain’s stockmarket.

This article appeared in the Finance & economics section of the print edition under the headline “Crypto grows up”