Bitcoin prices have reached a record high above $3,400 on Monday after gaining 5%. The prices began settling at $3,451.86 on Monday, up by almost $600 from $2900 on Friday. The price of the most popular digital currency has gained 18% in August and has nearly tripled this year.
At present Bitcoin hold the total market value of about $56 billion. Many believe the cause of the rise in the price is due to the smooth split in the currency forming ‘Bitcoin Cash’. The split was followed, after a small group of developers in a bid to improve the transaction speed on the digital currency network.
The upgrade created new currency Bitcoin cash which is incompatible with the Segregated Witness, a more accepted proposal, which would come down in the coming days.
Many investors were waiting for the hard fork to hit the market, to see the possible outcome, as it turned out favourable new fiat money started entering the market. The fiat currency includes the dollar, the euro and the yen.
Bitcoin Cash traded above $700 and below $300 in the very first week of its launch. The currency is currently trading at $260 after falling to $200 over the weekend.