The average price of bitcoin across global exchanges today reached $3,550 on the CoinDesk Bitcoin Price Index, setting yet another new all-time high.
The uptick coincides with a palpable improvement in public sentiment about the world’s first cryptographic asset, with bitcoin recently receiving positive mentions from leading asset managers and gaining increasing exposure in western media.
At press time, bitcoin was trading at $3,550, a figure that has appreciated nearly 50% over the last month of trading. Data from the CoinDesk BPI indicates the price of bitcoin was just $2,423 on June 12.
Yet, the strongest growth has been seen in the last week, following a fork of the bitcoin blockchain that resulted in the creation of a new cryptocurrency, bitcoin cash.
Perhaps most notably, bitcoin is up nearly 25% on the week since the split, rising from $2,871 seven days prior, while bitcoin cash, the new blockchain, has climbed just 17%, rising to $340 from $290 one week ago.
The interplay between the two currencies will no doubt be one to watch, as it could change attitudes toward blockchain forks and provide an illustration of how cryptocurrency markets will respond to technical changes in the future.
Bitcoin image via Shutterstock