Bitcoin investors get apprehensive as Bitcoin’s value surpasses $3000, hitting a new record within a week after the split.
According to CoinDesk.com, Bitcoin climbed to $3,360.87 on Saturday and by Sunday, it had settled down to $3,286.87 while pushing bitcoin’s market capitalization past $50 billion for the first time ever. It’s market cap now lies at $52.3 billion at press time.
The reason behind these price jumps is the launch of Bitcoin Cash, which is a new version of the cryptocurrency. While Bitcoin’s price did have a 5% drop during the initial days of the new currency, it rapidly recovered. Previously in June, Bitcoin had hit the $3000 however, it fell 20% soon after.
As expected, market volumes have increased along with the price due to the increase in trade volume within the past couple of days and by the looks of it, Bitcoin is back and better than ever.
bitcoin image via atlanticbase.com
rocket image via Science Learning Hub