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Wednesday, August 30, 2017

Bitcoin jumps nearly 70% for August to record high, offshoot 'bitcoin cash' falls to more than one-week low

Bitcoin jumps nearly 70% for August to record high, offshoot bitcoin cash falls to more than one-week low

Exactly four weeks since bitcoin split into bitcoin and bitcoin cash, the original digital currency hit a record high Tuesday while the offshoot fell to its lowest in more than a week.

Bitcoin rose more than 6.5 percent, to a record high of $4,703.42, up nearly 70 percent for the month, according to CoinDesk. Bitcoin edged off that high in afternoon trade, hovering around $4,603, still more than quadruple in value for the year and up about 60 percent for August.

Bitcoin cash hit a low of $559.61, its lowest since Aug. 18, before recovering to around $575, according to CoinMarketCap. The alternative version of bitcoin, supported by a minority of developers, is still up about 170 percent from a low of $210 hit on Aug. 1, the day of the split.

While digital currency "miners" temporarily found bitcoin cash more profitable than the original version to mine, by Tuesday it was 32 percent more profitable to mine bitcoin, according to data from the Coin Dance website.

Full story at

Source: CNBC

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