Heightened trading on Friday has triggered bitcoin price to hit $8,040, a new all-time high.
Bitcoin’s week of resurgence continues as trading (on Bitfinex) climbed above $8,000 for the first time in history. The figure represents a gain of 700% this year and over 10% gain since Thursday’s opening.
At press time, bitcoin price is trading just above $7,840, after peaking to it a record high of $8,040 in the early hours of Friday (UTC).
Remarkably, the robust advance toward the new record high comes after prices fell below $5,500 during the weekend following the cancellation of the Segwit2x hard fork, triggering a monumental sell-off that saw investors switch to Bitcoin Cash, an offshoot of Bitcoin, that scaled its own record high. The pullback reversed as Bitcoin price made marked gains to trade above $6,500 on Monday, hinting at the momentum that has since stuck throughout the week leading to today’s new historic high.
Spencer Bogart, head of Blockchain Capital and a highly regarded analyst, speculates that today’s spike could be driven by “a resurgence in interest and viability” for the SegWit2x hard fork.