Bitcoin peaks at $4500 in latest milestone for volatile digital currency – Telegraph.co.uk
Digital currency bitcoin soared to a new high ofÂ $4,500 (Â£3,492) on ThursdayÂ as the currency continues to grow following a split between its backers.
The cryptocurrencyÂ has grown steadily for the past two weeks since it experienced a “hard fork”, where two competingÂ strands ofÂ bitcoinÂ emerged after some of its leading developers disagreed on the best way to take it forward.
Analysts had expected bitcoin to take a hit after the fork, which saw the emergence of a new currency called “bitcoin cash”. ButÂ bitcoin, defying expectationsÂ has been spurred by the split, reaching an all time high from aroundÂ $2,700 (Â£2,000) at the start of August.
Bitcoin and other digital currencies are known for their volatility, with the currency losing around $12bn in market capitalisation in June when it fell from around $3,000 to $2,270, according to CNBC.