Bitcoin recently reached a new high, passing the $3400 USD price point for the first time in history, making 5% in gains overnight on approximately 1.2 Million USD in trade volume.
The rise in the Bitcoin price comes as a small surprise, since traders were expecting the price to either rise or fall in the wake of the Bitcoin Fork, which created the Bitcoin Cash token. As a result, investors have been actually driving the price of Bitcoin upwards, and most recently Bitcoin Cash. Bitcoin Cash was trading at it’s low point of around the $200 USD price point, and has followed Bitcoin in the overnight trading to reach a new price point around the $260 price point, where it was priced a couple days ago.
Since the Bitcoin and Bitcoin Cash fork, the markets have experienced high volatility, and offering the more risky traders options for day-trading, as well as some added profit margins to those to plan on holding their coins long-term.
It is too early to say which direction any of the coins will go, but at the moment, the up-trend has investors hedging their assets back into BTC, as speculation around the coin continues to be optomistic.
The network has since stabilized since the fork, and there are no alerts regarding the stability of the network at this time, which may also be another reason for the increased investment in Bitcoin.
Check the price of Bitcoin in your currency at https://www.coinhills.com/
Bitcoin is now priced closed to three times the price of an ounce of gold, making it a new standard for pricing, as gold remains at a price ranging around the $1250 USD price point.