Bitcoin breaks $3K barrier to record an all-time high

By : |August 7, 2017 0

Bitcoin, the worldwide cryptocurrency, and digital payment system has recorded an all-time high valuation of $3000 per coin. A number of exchanges, including Coinbase and Kraken, have valued a single bitcoin at over $3,000, that is up $485 on the valuation one month ago.

This surge means that the total market cap of Bitcoin is more than $50 billion — $51,737,289,581 according to Coinmarketcap.com.

Coinbase showing how much the stock of bitcoin increased

On August 1st at noon Eastern time, Bitcoin Core(BTC) was worth just over $2,700 per BTC. There were roughly 16.4 million BTC in the market at that time, meaning the total value or “market cap” of Bitcoin Core at that time was $44.2 billion. About an hour later, because of the “hard fork”, “Bitcoin Cash” (BCH) was created. There were instantly 16.4 million BCH created that out-the-gate had a market value of approximately $300 per BCH, or about 11 percent of the value of a BTC. Nearly $5 billion additional worth of cryptocurrency was literally created from thin air.

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The currency started life valued at around $555, before peaking at $727 last Wednesday. It later crashed to its current price of around $220 as Bitcoin, conversely, soared to cross that $3,000 mark.

Earlier this year, Bitcoin surged to surpass $2,000 for the first time in May going on to almost reaching $3,000 in June only for the valuation to crash shortly thereafter.

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