Bitcoin broke another milestone as its record-high valuation has increased, after widespread worry that a fork would cause it to devalue. The crypto coin pioneer’s coin is now worth $3,000, a digital asset hitting an all-time high of $3,200 earlier Saturday.
A number of exchanges, including Coinbase and Kraken, valued a single bitcoin at over $3,000, an increased gain of $485 on the valuation from one month ago. Earlier this year in May, Bitcoin surged to surpass the $2,000 mark for the first time in its history and now it has hit another at $3,200. With China and other countries investing in blockchain technology, the blockchain pioneer will almost surely continue to see an increase in its worth.
In June, Bitcoin was struggling to hit the $3,000 milestone only for its price evaluation to crash.
This surge means that the total market cap of bitcoin is now more than $50 billion — $52,814,393,441 at the time of this writing according to Coinmarketcap.com.
BCH, the coin that was created due to the fork, has endured a fairly volatile first week, facing constant ups and downs with a good amount of BTC users dumping their BCH when they first received swapping for more BTC.
When BCH was released, its estimated value was $555; it later peaked at $727 on Wednesday. Then crashed to its current price of $220 as Bitcoin soared to cross $3,000
The first week of trading for bitcoin cash, via Coinmarketcap.com
Experts are skeptical of BCH’s long-term future because, at this point, beyond the unstable valuation they worry it will be a fluke and there is nothing that can be done with it. That could change in the future if the BCH project attracts enough companies and developers, but the difficulty that it takes to mine BCH versus Bitcoin isn’t justified to many miners as reported by Coindesk.