Bitcoin just surged again to yet another record high

Photo by Ezra Shaw/Getty Images

Money continues to pile into Bitcoin, as the world’s biggest cryptocurrency hit yet another record high overnight.

Early this morning Australian time, Bitcoin prices topped out at $US6,330, easily ecplising the previous peak of just above $US6,100.

Here’s the overnight price action:

Source: Investing.com

As has been the case throughout 2017, Bitcoin remained resilient in response to an external shock which saw the price decline from previous highs.

Last week, that shock came in the form of another hard fork which saw the establishment of Bitcoin Gold. The Bitcoin Gold operating platform aim to reduce the individual power of large Bitcoin miners.

Bitcoin prices fell back below $US5,500 following the split, before stabilising and resuming their steady climb higher.

At current prices above $US6,000, Bitcoin is maintaining a gain of around 500% so far in 2017.

Last week, billionaire Peter Thiel weighed into the Bitcoin debate, saying that people were still underestimating the world’s biggest cryptocurrency and that its primary use is as a separate store of value.

Prices for Bitcoin Cash also rocketed higher over the weekend, climbing from its recent range above $US300 to more than $US500 before settling a short time ago at around $US430.

Source: Investing.com

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