Bitcoin Holds Above $8,000 Mark After Setting New High

Bitcoin is continuing its good performance of the last few days. After its value briefly cleared the $8,000 mark on one exchange on Friday, it surpassed $8,110 on Sunday and is $8,048 at the time of writing.

This has been a highly volatile month for bitcoin—though the same can be said for most months. A couple of weeks ago, bitcoin hit a $7,888 high before falling as low as $6,800, then climbing back up again.

Also Read: Bitcoin Just Plunged More Than $1,000 in 48 Hours

At the start of the year, one bitcoin was only worth around $1,000. Back in August, with the price at $3,500, analysts were being bullish by claiming bitcoin might clear $5,000 next year. Goldman Sachs analysts forecast the $8,000 barrier’s breakage earlier this month, suggesting there may be further surges in store.

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The latest positivity comes as institutional investors start to push harder into the cryptocurrency world, with CME having recently announced plans to trade bitcoin futures and Coinbase offering a custodian service for hedge funds. Last week, Square also started testing bitcoin payments on its Cash app.

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The “Segwit2x” fork, which would have split bitcoin into two factions, was also recently canceled, at least formally. Some bitcoin-mining nodes still tried running the Segwit2x code, although reports emerged at the weekend suggesting that a bug in the code stopped it from working.


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