Bitcoin hits new record above $3K, more than tripling in 2017 amid ‘bitcoin cash’ dilemmas


Bitcoin leapt more than 16 percent Saturday into the single area, significantly increasing against its offshoot “Bitcoin cash” between a cut on the new currency’s system.

Bitcoin hit an all-time high of $3,360.87 Saturday, according to CoinDesk, before paring its earnings slightly to hang near $3,303, with a market capitalisation of more than $54 billion.

The digital currency has now more than tripled in cost for the year, and earned about 15 percent in the first few days of August. Bitcoin has burst free of the negotiating limit it’s held ever since striking its previous record of $3,025 in mid-June.

Ari Paul, CIO of BlockTower Capital, credited the increases to a relief rally after a “relatively uneventful” division, as well as distinct investors buying Bitcoin. “With SegWit activation and the hard work in the rear view mirror, Bitcoin buyers see a smooth road ahead for the next two months,” he said CNBC in an email, pointing to a more attractive upgrade project called Segregated Witness. Another digital currency, ethereal, rose more than 12 percent to $250 Saturday afternoon, according to CoinDesk.

On Tuesday, Bitcoin broke into bitcoin and bitcoin cash when a minority of developers went ahead with an alternative upgrade proposal. Investors including Bitcoin at the time of the division should have got an equal amount of Bitcoin cash and were able to trade it Tuesday. However, some significant changes only began taking Bitcoin cash deposits Thursday and Friday.

Bitcoin payment jumped nearly 36 percent Friday, dropping about 9 percent to overnight to a low of $212. It increased insignificantly to $223 Saturday afternoon, according to CoinMarketCap.

Bitcoin Magazine designated out Saturday morning that ViaBTC mining activity — which creates more of a digital currency — for Bitcoin cash dropped to a tenth of what it was in the last few days, while most of the mining activity was concentrated on the original Bitcoin.