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Bitcoin Continues to $10,900 – Its Highest Price in Nearly a Year

July 27, 2020 at 19:41 by Matt Jackson

Bitcoin prices have continued upwards, as the world’s largest cryptocurrency has continued its recent fine run that started a week ago and has seen it add 17.5% to its value, and saw it crash through the $10,000 mark earlier today. BTC hit $10,950 on Binance earlier this evening, reaching its highest price since the beginning of August last year. It has now risen by 50% since the start of the year. Meanwhile, Ethereum’s price has also boomed today, while Ripple has turned an earlier loss into profits in the past couple of hours. However, it is Bitcoin forks Bitcoin Cash (BCH) and Bitcoin SV (BSV) that have shone the most, both adding nearly 10% to their price compared to 24 hours ago.

One week ago, Ethereum was trading at $235 and struggling to surpass the $250 resistance level. However, once it passed this mark, it has gone from strength to strength, first passing through $300 at the weekend, and pushing on to its current level at around the $325 mark. Its current price is the highest Ether has traded since June 2019, when it reached a price of $350. If Bitcoin continues its surge and subsequently drags Ethereum’s dollar value up with it, it seems likely that ETH will also continue to grow. While Bitcoin has added 50% to its price since the turn of the year, Ethereum has outshone it in this respect. Having started 2020 at a price of $130, the smart contract platform has added 150% to its price.

Ethereum is being prepared for a major update, dubbed Ethereum 2.0. The Ethereum Foundation recently announced that it would be launching Medalla, which is a testnet forerunner to the main event. When the new chain launches, it won’t initially have any impact on general users, and the existing chain will only be folded into the new chain once its viability has been confirmed.

At 20:15 GMT, Bitcoin (BTC) prices had risen by 9.64% to trade at $10,832.14 while Ethereum (ETH) added 5.04% to its price and was changing hands at $322.80. Ripple (XRP) had added 2.28% to its price and was trading at $0.221. Bitcoin Cash (BCH) and Bitcoin SV (BSV) had added 8.63% and 9.51% to their prices, reaching $266.80 and $206.06 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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