The Short:
Strong demand for Bitcoin (BTC) has pushed the world’s biggest currency tantalizingly close to $8,000 per coin on major exchanges.
The Long:
The world’s largest digital currency by market capitalization bounced back after seeing as much as $38 billion in market capitalization erased this Monday when it plunged by 39%.
But the cryptocurrency has posted gains for four days in a row, hitting an all-time high of $7.994.56 on Thursday.
Bitcoin has now surged by more than 700% since the start of the year.
Though there are many reasons for Bitcoin’s increased volatility, the major cause seems to be Bitcoin Cash (BCH), the offshoot of Bitcoin (BTC).
Both these currencies are fighting for investors’ money, and every time Bitcoin Cash goes up, Bitcoin price comes under pressure, with the reverse being true as well.
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