Cryptocurrency

Bitcoin Sets New Record High of $4,483

The value of cryptocurrencies overall has gained $11 billion in just the past two days

The purchase price of bitcoin continued its current bullish surge last night, reaching a new all-time high of over $4,480.

The news follows days in which the rising value of the digital asset has seen it repeatedly break new ground.

Since May, bitcoin had been fluctuating in the mid to high $2,000s, then August 4 saw excited trading that catapulted prices upwards, fast reaching the $3,000 mark and just nine days after passing $4,000 for the first time ever.

In a probable surprise for those expecting a sell-off, a fall never came and, yesterday, bitcoin surged on to hit an astonishing $4,483 at around 3:50 a.m. UTC.

Reasons for the market have been put down to growing interest in the cryptocurrency distance by institutional investors, alongside the passing of a split of their bitcoin system to form a new cryptocurrency on August 1.

When that event, which saw the introduction of a rival digital asset called bitcoin cash — passed uneventfully, cash seemingly held back by cautious traders poured into the asset.

Since opening now at $4,382, however, prices across global exchanges have fallen somewhat, and at press time were approximately $4,200 — a drop of 4.15 percent.

Looking at the industry more broadly, the combined market capitalization of all cryptocurrencies today sits at about $138.7 billion – down from $141 billion yesterday, data from CoinMarketCap indicates. Bitcoin’s market cap currently stands at over $68 billion.

The value of cryptocurrencies overall has gained $11 billion in market cap in just the past two days, according to Coinmarketcap.com, topping out Sunday at a record $137 billion. Bitcoin’s share of that is more than $66 billion, another record.

Asian investors were responsible for much of bitcoin’s weekend gains, as investors sought safe havens as tensions between the U.S. and North Korea heat up. The Japanese yen was behind about 46% of Sunday’s global bitcoin trade volume, according to Cryptocompare.com. South Korea and China each made up about 12% of global volume.

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