Investing.com – Bitcoin prices rose on Monday, surpassing $4,700 for the first time in six weeks as the digital currency edges closer to its recent record high while Bitcoin Cash came under pressure dipping below a key support level.
On the U.S.-based Bitfinex exchange, bitcoin rose to $4,761.1, up $146.6, or 3.18%.
Bitcoin prices are back above pre-China-ban levels as traders anticipate the next leg higher in the digital currency could see it test its all-time high of $4,969. The sharp move higher has seen bitcoin’s market cap surge to $79.78 billion
The recovery in Bitcoin prices comes less than a month after China clamped down on bitcoin related activity, ordering domestic bitcoin exchanges to cease operations.
In other cryptocurrency news, Bitcoin Cash fell below a key support level of $300 crashing 13.91%, to $295.87, while Ethereum, the second largest cryptocurrencies by market cap, fell 5.82% to $291.70.
Ethereum prices continue to come under pressure as investors await the upcoming Byzantium hard fork expected on October 17.
The market cap of both Bitcoin Cash and Ethereum is well below that of Bitcoin at $5.03 billion and $27.7 billion, respectively.