Bitcoin Market Cap Reached Over $ 50 Billion

Cryptocurrency hits all-time high Saturday

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Bitcoin surged above $3,000 to reach a new all-time high over the weekend, less than a week after a split that worried some investors.

Bitcoin BTCUSD, -2.14%   peaked Saturday at a record $3,360.87, according to CoinDesk.com. By Sunday, the cryptocurrency had settled down to $3,286.87, with a market cap of $53.4 billion, according to Coinmarketcap.com. Saturday marked the first time bitcoin surpassed $50 billion in market cap.

Prices have jumped more than 10% in the past week, after bitcoin on Tuesday launched a new version of its currency with a different configuration, known as Bitcoin Cash. Bitcoin prices initially fell more than 5% as the new currency confused markets, but quickly recovered.

Despite its volatility, bitcoin has more than tripled its value this year, crossing the $2,000 threshold in May and hitting $3,000 for the first time in June, before crashing back to earth and shedding about 20% of its value before continuing its meteoric gains.

Competing digital currency ethereum tagged along for the weekend rally, surging 12% Saturday and another 7% Sunday, to $270.07, with a market cap of $25.2 billion.


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Source marketwatch

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