Bitcoin shows little sign of slowing as new record reached

The surging price of the cryptocurrency bitcoin showed little sign of letting up on Friday, carving out a fresh all-time high even as stocks took a breather from a steep selloff earlier this week.

Bitcoin rocketed past the $3,000 mark in early August and gained momentum this week as U.S. stocks pulled back from their own records amid concern over saber-rattling between the U.S. and North Korea. While U.S. stocks edged higher Friday, bitcoin maintained its upward momentum.

Earlier in the session, the price of a single bitcoin BTCUSD, +3.11%  touched a record $3,586.23, and was last trading up 3.5% on the day at $3,567.07, according to Coindesk data. For the year to date, the price of bitcoin has rallied more than 250% in U.S. dollar terms, while the greenback DXY, -0.42%  itself has declined 9%.

 

In August alone, the price of bitcoin has rallied 20%. The current market cap of bitcoin is $58.86 billion, according to Coindesk, which is in the league of such S&P 500 companies as General Dynamics Corp. GD, -0.04%  , American International Group Inc. AIG, -0.63%  and FedEx Corp. FDX, +0.68%

Ether, the cryptocurrency running on the Etherium network, gained 0.9% at $303.64 Friday, after touching an intraday high of $305.22. The cryptocurrency, with a current market cap of $28.52 billion, is off its high of $388.49 set on June 15. For the year, ether is up more than 3,500%.

http://www.marketwatch.com/story/bitcoin-shows-little-sign-of-slowing-as-new-record-reached-2017-08-11?dist=markets

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