Another week, another all-time high for the world’s most popular cryptocurrency as bitcoin price peaks above $6,300.
It has been 10 days since prices advanced to unprecedented levels above $6,200 and the growing adoption and appetite for bitcoin has propelled prices beyond $6,300 following another record-breaking weekend. In the late hours of Sunday (UTC), bitcoin price touched a new record high of $6,345.
While the factors behind the latest surge aren’t immediately clear, bitcoin’s increasing prominence in the mainstream under the spotlight as an investment instrument showcasing remarkable gains have pushed investors’ interest globally. The new record high means bitcoin’s value has grown over 530% since the turn of 2017, after hitting $1,000 on January 1.
At press time, the surge has somewhat tapered with global exchanges trading at an average of $6,146.75. Still, data from CoinmarketCap shows the total value of all bitcoins mined now worth above $100 billion once again after gaining 7% on Sunday.
Elsewhere, breakaway cryptocurrency Bitcoin Cash (BCH) which took shape in early August also posted noteworthy gains over the weekend, rising from $400 to $522 in a 30% spike.
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Last modified: May 21, 2020 9:10 AM UTC