The past couple of weeks were a crazy ride for all bitcoin holders, as this cryptocurrency has been pretty much on the constant rise. Just at the beginning of the month, bitcoin reached the $3,000 milestones for the first time ever. Having only continued to grow, last Sunday it has crossed the $4000 thresholds and on Thursday it has reached a new all-time high of about $4500.
The cause of the rise
There are speculations that this record-breaking rise of the bitcoin price was due to the cash inflows into the market which have been held back prior to the split. As you all already know the split we are referring to here resulted in the emergence of a new cryptocurrency called bitcoin cash.
The split of the bitcoin network has been coming for a long time now, due to the growth scaling debate. The fact is that for a while now the network was struggling to support the increasing number of transactions using existing blockchain technology mainly because there were different views on how to further scale the growth of the bitcoin. The split of the ledger will simply let the market decide how to upgrade the bitcoin in the future.
Naturally, even though the split was expected, prior to it, the industry wondered whether market values would fall. At this point things are looking good as the bitcoin cash, which was created on August 1st, already stands as the third largest cryptocurrency, already reaching its $400 mark, whereas the bitcoin price has been skyrocketing at the same time.
Tuesday’s bitcoin fall
Even though bitcoin has been on the rise for weeks now, Tuesday was the worst performance-day in a while. What happened was that the bitcoin price declined from $4,382 to $3,911. Wednesday was definitely a better day, however, there were still fluctuations in the approximate range of $200.
The thing is that, since the split, there were only three days during which the price of bitcoin declined. On the other hand, there were also five days where a rise by more than $200 was recorded. The bitcoin fall on Tuesday also coincided with a drop in the value of all Altcoins. According to data from coinmarketcap.com, just earlier this week the combined market cap for all cryptocurrencies was worth $141 billion, whereas on Tuesday the value has decreased to $136 billion.
Bitcoin price soaring again on Thursday
After a couple of rough few days which were marked by many fluctuations, this Thursday bitcoin price has skyrocketed setting a new record at $4500. The price has actually started increasing on Wednesday evening, and after a slight drop during the night, the bitcoin value has reached a new peak at around 11 am. Moreover, not only has the bitcoin price reached a new milestone, but the combined market cap for all cryptocurrencies has also gone up reaching $144.7 billion for the first time ever, according to coinmarketcap.com.
The fact is that the bitcoin value has grown substantially, regardless of its fall in the last couple days. We have all witnessed an enormous increase in less than 24 hours having the bitcoin price reach an astonishing $4,500. Regardless of some ups and downs, one might say this has occurred with such ease.
Still, no one can claim for certain what will happen in the following period, but we have no reasons to doubt that the bitcoin price will continue to increase in the upcoming period. Be that as it may, we are yet to see the impacts this current rise will have. The truth is that whoever bought a bitcoin in 2010 for 8 cents, and kept in safe until now, has just got a whole lot richer. And if you head over to our games section and start playing your bitcoins, you stand a good chance to double your funds. All you need is a dash of good luck and some bitcoins.