Bitcoin Reaches Record Value
Bitcoin tops $3,400 for the first time while its week-old offshoot, Bitcoin Cash, craters.
Bitcoin, the most popular cryptocurrency currently on the market, has reached a record high value of $3409 at about 8:00 am on August 7th according to Coinbase. The value of Bitcoin has jumped almost 20% in less than a week following the spin off of Bitcoin Cash, an alternate cryptocurrency spawned from Bitcoin. The full value of all Bitcoin on the market is now over $56 billion.
Bitcoin Cash, however, has seen massive drops in value. The currency peaked shortly after its creation at about $700 per coin but is now trading consistently at only $250 per coin. Bitcoin Cash’s potential future appears to be secured since Coinbase, the most popular cryptocurrency trading site, finally agreed to support Bitcoin Cash. The trading website had previously denied accepting Bitcoin Cash, citing technical concerns.
Bitcoin Cash’s support by miners, however, may be limited. It is still more profitable to mine the original Bitcoin blockchain than the Bitcoin Cash blockchain, meaning some miners may abandon Bitcoin Cash for the more profitable Bitcoin.
The past months have been a rocky road for Bitcoin, seeing swings in value from around $1900 in July, to now over $3400 in August.
