The past seven days was an interesting, and a very unusual week for bitcoin investors and enthusiasts. On August 1 the Bitcoin blockchain split into two branches forming another network and token called bitcoin cash (BCH). At the time some bitcoiners assumed the price was going to drop heavily after the hard fork. However, the price did not budge at all as it continued to command a $2700 per BTC value following the split.
Three days later, on August 3, bitcoin bulls began to rally hard breaking the key $2800 resistance barrier. After this point, history was made on August 5 as bitcoin’s price continued to rise higher and higher. Bitcoin’s value surpassed the $3K zone to an all-time high of $3340 across global exchanges. The currency is swapping $1B worth of BTC trade volume per day and capturing a $52.6B market capitalization at the time of writing. It’s worth noting that before the BCH chain arrived, bitcoin’s dominance was above the fifty percent range, but now even though in the $3200 territory dominance it’s down to 47 percent.
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