It has been only four weeks since Bitcoin split into bitcoin and bitcoin cash, and just in the previous session the original digital currency, Bitcoin, hit a record while leaving Bitcoin Cash behind and falling into its lowest positions in more than a week.
Bitcoin was up by more than 6.5 percent to break a new record high of $4,703.42 which has had an increase of 70 percent according to CoinDesk. Bitcoin edged off its peak that same afternoon and was found hovering around $4,603 which is still higher by 4 times in value for this year and is still up by 60 percent for the month of August.
Bitcoin’s counterpart, Bitcoin Cash, hit a new low of $559.61, which is its lowest recorded price of $559.61, before recovering to around $575, according to CoinMarketCap. The alternative to version of Bitcoin, supported by a minority of developers, is still up about 170 percent from a low of $210 hit in Aug. 1, the day of the split.
Ethereum, another digital currency climbed nearly 5% last Tuesday, to around $364, according to CoinMarketCap. Ethereum is up more than 4,400 percent this year and has gained almost 79 percent just this month.
Some say that the sudden jump of bitcoin’s gains is closely due to investors looking for a safety trade after North Korea fired a ballistic missile over Japan.