Digital Currencies on the Rise
Bitcoin has been on the climb to sky-rocket since the currency split into two a week ago, with its total market value standing at around $55 billion, it seems as there’s no place the cryptocurrency would rather be.
It is now standing at $3260.80 per coin after experiencing it hit $3344 for the first time ever.
Bitcoin Cash, meanwhile, is back up 28% valued at $271.71 after its drop from $727 on August 2.
Trading platform eToro’s analyst, Mati Greenspan says Bitcoin Cash’s dip and Bitcoin’s surge are likely correlated.
Greenspan wrote in an email on Monday morning: “All that money that seemingly came out of thin air to pump up the value of Bitcash is now being fed right into Bitcoin. Bitcash has fallen from its peak of $12 Billion all the way down below $4 Billion this morning. Bitcash sought to replace the original form of digital money but the miners never embraced it. As it was seen by many as something for nothing, many users are now dumping.”
Related: Buy Bitcoin Online
This is how Bitcoin had performed last year, this proves that we’re now on record-breaking grounds.
News and Image Credits: businessinsider.com