Skip to main content

Bitcoin surges above $3K to record, more than tripling this year while 'bitcoin cash' struggles

  • Bitcoin shot above $3,000 to a record high of $3,360.87, more than tripling in value for the year.
  • The gains came despite this week's split in the digital currency into bitcoin and bitcoin cash.
  • Bitcoin cash, which trades at a fraction of bitcoin's price, fell further Saturday amid a hack on its network.
  • Bitcoin leaped more than 16 percent Saturday into record territory, significantly strengthening against its offshoot "bitcoin cash" amid a hack on the new currency's network.
    Bitcoin hit an all-time high of $3,360.87 Saturday, according to CoinDesk, before paring its gains slightly to hover near $3,303, with a market capitalization of more than $54 billion.
    The digital currency has now more than tripled in value for the year, and gained about 15 percent in the first few days of August. Bitcoin has broken free of the trading range it's held ever since reaching its prior record of $3,025 in mid-June.
    Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a "relatively uneventful" split, as well as new investors buying bitcoin.
    "With SegWit activation and the hard fork in the rear view mirror, bitcoin buyers see a smooth road ahead for the next two months," he told CNBC in an email, referring to a more popular upgrade proposal called Segregated Witness.
    Another digital currency, ethereum, climbed more than 12 percent to $250 Saturday afternoon, according to CoinDesk.
    Bitcoin one-week performance

    Source: CoinDesk
    On Tuesday, Bitcoin split into bitcoin and bitcoin cash when a minority of developers went ahead with an alternative upgrade proposal. Investors holding bitcoin at the time of the split should have received an equal amount of bitcoin cash, and were able to trade it Tuesday. However, some major exchanges only began accepting bitcoin cash deposits Thursday and Friday.
    ViaBTC, the Chinese exchange that's been the main proponent for bitcoin cash, tweeted at 4:03 a.m. that it temporarily suspended withdrawals due to a " transaction malleability attack" on the bitcoin cash network.
    ViaBTC tweeted at 8:44 a.m. that it resumed withdrawals.
    Bitcoin cash plunged nearly 36 percent Friday, falling about 9 percent to overnight to a low of $212. It recovered slightly to $223 Saturday afternoon, according to CoinMarketCap.
    Bitcoin cash 1-week performance

    Source: CoinMarketCap
    Bitcoin Magazine pointed 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.
    Source: https://www.cnbc.com/2017/08/05/bitcoin-surges-above-3k-to-record-more-than-tripling-this-year.html
     

Comments

Post a Comment

Popular posts from this blog

How Blockchain Could Help Tech Giant Cisco Reboot

Cisco is changing. The technology firm best known as the supplier of enterprise computer hardware has seen a slow, steady decline in revenue from some of its core products. As a result of an increasing number technological services being virtualized, and the storage of information moving to the cloud, the $158bn firm has been  restructuring  and exploring new ways to capitalize on connected devices. But amidst this change in identity, it's in identity itself where some of the California-based company's most interesting new experiments are taking place. With a series of early stage blockchain  projects , Cisco is now pushing even deeper into what could end up being much more than a way for employees to prove who they are across subsidiaries. In conversation with CoinDesk, Robert Greenfield IV, Cisco software engineer and executive team lead of the firm's Connected Black Professionals resource group, explained how several blockchain projects have evolv...
Post a Comment
Read more

Duncan Logan just tweeted that he's on board Electroneum

I have been a buyer and holder of bitcoin and Etherreum for a long time but this will be the first ICO I buy into--Duncan Logan. What is Electroneum? Electroneum (ETN) is a cryptocurrency that can be mined with a smartphone, requiring almost no technical knowledge or prior experience. This sets it apart from other cryptocurrencies (like Bitcoin) which require expensive hardware and technical know-how to mine. Electroneum’s unique mobile mining experience allows anyone with a smartphone to earn ETN coins by letting the miner app run in the background. It was designed specifically with mobile users in mind, thereby appealing to a potential market of 2.2 billion smartphone users around the world. Unlike other cryptocurrencies, Electroneum has a user-friendly, beginner-oriented interface that allows users to seamlessly transfer ETN coins between one another, check their balances, and mine coins. Being a  cryptocurrency , Electroneum is created, held, and spent electronical...
Post a Comment
Read more

Police Bust Alleged $13 Million Crypto Pyramid Scheme

Police in China's northwestern city of Xi'An have arrested the founders of a claimed nationwide cryptocurrency pyramid scheme that allegedly amassed 86 million yuan ($13 million) from over 13,000 people. According to a report  from local media source Huashang News, Wednesday, the scheme launched in March 28 this year after months in preparation by a primary suspect who has has the surname Zheng, as well as three other accomplices. The report cited an investigation from the police who said the scheme used a cryptocurrency called Da Tang Coin (DTC) that is linked to DTC Holding  - a firm under the suspect's control and registered in Hong Kong - to allegedly hoax potential members of the pyramid scheme. In various promotional events in multiple cities in the country, the scheme claimed that new members can make 80,000 yuan (roughly $13,000) per day with an initial investment of $480,000 to purchase the DBTC at $0.50 per token, according to the report. These promises o...
Post a Comment
Read more