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Bitcoin bounces back to post a new record after being forked

The cryptocurrency, Bitcoin, has bounced back to set a new record of over $3,280. Back in June, Bitcoin set a record of $3,000, the highest the currency had ever reached until now. This price hike comes just days after a new cryptocurrency, Bitcoin Cash, was forked from Bitcoin.

The market cap of Bitcoin currently sits at $54 billion, up 13.17% or $1.9 billion in the past 24 hours. Meanwhile, Bitcoin Cash has plummeted by 8.72% in the past 24 hours and each one will set you back $213. The decline of the price of Bitcoin Cash could suggest that investors are cashing out of the new fork which has little support from miners and exchanges, and moving back to more trusted cryptocurrencies.

Following the fork of Bitcoin Cash, a bit of uncertainty struck those involved with Bitcoin and its price reflected this. On August 1st, the currency dropped to a low of $2,670 in the morning and managed to slightly recover to $2,724. It looks now as though people are beginning to realise that Bitcoin Cash was never going to replace Bitcoin, that still remains the world's most dominant cryptocurrency.

Source: Fortune | Image via Bitcoin Gator

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