Investing.com – Bitcoin recorded fresh all-time highs on Friday, rising above $8,000 for the first time in its nine-year history amid reports that bitcoin miners plan to initiate an upgrade of the underlying software supporting bitcoin which may lead to a split, or “hard fork”.
On the U.S.-based Bitfinex exchange, bitcoin fell to $7,846.5, down $18.5, or 0.24% after rising to an all-time high of $8,040. Bitcoin’s market cap surged to $131 billion.
The latest surge in bitcoin comes on the back of reports that Bitcoin miners –users who help maintain the system by validating transactions stored in “blocks” on the network – are planning to initiate an upgrade of the underlying software supporting bitcoin.
Bitcoin demand usually surges ahead of an upgrade of the bitcoin network as it tends to lead to a split or so-called hard fork in Bitcoin, creating a new currency which is usually freely distribute to existing holders of bitcoin.
Other cryptocurrencies mirrored bitcoin’s move higher as Bitcoin cash rose to $1,104.40, up 22.11% while bitcoin gold rose 4.90% to $164.
Ethereum, the second largest cryptocurrency by market cap, rose 0.40% to $332.19.