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The price of bitcoin has exceeded its previous all-time high of $3,000, soaring to $3,200 for the first time.

Figures from Coinbase show the market started moving around 03:00 a.m. when bitcoin’s price climbed above $2,900. At 10:30 a.m., bitcoin recorded a new historic high when it reached $3,200.

Today’s new high pushes the the market value of bitcoin up to $52.1 billion with the entire market now worth $108.9 billion. Over a 24-hour period, the number one digital currency increased its value by 10.19 percent while its value rose by 15.40 percent over the past seven days, according to CoinMarketCap.

It marks a new milestone for bitcoin as it hasn’t seen $3,000 figures since 12 June.


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Low Support for Bitcoin Cash

Amidst a user activated hard fork (UAHF) which saw the creation of a new cryptocurrency called bitcoin cash, the new price for bitcoin signals a significant step. A lack of support for the new currency has seen its position fall from third down to fourth, behind ripple.

Bitcoin cash now has a market value of $3.8 billion while its price has dropped by over 20 percent in 24 hours to trade at $231. The highest it has reached, so far, was on the 2 August when it peaked at $727.

Some industry leaders have also come out against bitcoin cash saying that it is a ‘non-event.’

According to Sheffield Clark, CEO of Coinsource, he is reported as saying:

When we look back 30 days from now, this is essentially going to be a non-event.

Whereas, Perry Woodin, CEO of Node40, a blockchain service provider, specializing in infrastructure hosting and blockchain accounting, said:

People who are going to benefit from Bitcoin Cash are the ones who see it as free money, so they can then invest in something else. It’s going to be a race to see who can sell it the fastest.

Will Bitcoin Reach $5,000?

With bitcoin’s price achieving a massive leap it begs the question: can it reach $4,000 or even $5,000?

Last month, Sheba Jafari, Goldman Sachs chief analyst, made the prediction that the digital currency could get as near as $4,000.

However, Keiser Report Host Max Keiser has taken a more bullish approach and thinks a $5,000 price is ‘within sight.’

At the time of publishing, the price of bitcoin is currently trading at $3,167, according to CoinMarketCap.

Featured image from Shutterstock.

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Posted by Rebecca Campbell