Bitcoin surges above $3K to record, more than tripling this year while 'bitcoin cash' struggles
Bitcoin leaped more than 16 percent Saturday into record territory, significantly strengthening against its offshoot "bitcoin cash" amid a hack on the new currency's network.
Bitcoin hit an all-time high of $3,360.87 Saturday, according to CoinDesk, before paring its gains slightly to hover near $3,303, with a market capitalization of more than $54 billion.
The digital currency has now more than tripled in value for the year, and gained about 15 percent in the first few days of August. Bitcoin has broken free of the trading range it's held ever since reaching its prior record of $3,025 in mid-June.
Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a "relatively uneventful" split, as well as new investors buying bitcoin.
"With SegWit activation and the hard fork in the rear view mirror, bitcoin buyers see a smooth road ahead for the next two months," he told CNBC in an email, referring to a more popular upgrade proposal called Segregated Witness.
Another digital currency, ethereum, climbed more than 12 percent to $250 Saturday afternoon, according to CoinDesk.
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