This weekend proved to be rather profitable for Bitcoin investors.

The cryptocurrency hit a record high of $9 000 and continued to climb. Bitcoin has a price of $9 719.42 (R168 619) at time of writing.

Earlier this morning Bloomberg reported a price of $9 735.51 for one Bitcoin. Overall the currency was trading 17 percent higher than it was late on Friday.

The price surge is being attributed to speculative trading in Japan as well an influx of new investors. Another source of the surge is the peak combined market capitalisation of Bitcoin which now stands at $158 billion.

It’s interesting to note that while Bitcoin has been pushing record highs since Friday, Ethereum has also been exhibiting gains.

Ethereum performance over the last week. Via Coindesk.

Data on Coindesk reveals that Ethereum reached a high of $493.41 this morning.

The gains Bitcoin showed at the weekend have helped push the combined market capitalisation of all cryptocurrencies to over $300 billion.


[Image – CC 0 Public Domain MichaelWuensch]
Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.