Bitcoin Is Valued Nearly 3 Times Higher Than an Ounce of Gold! Well, Not Exactly...

America's favorite cryptocurrency is back at it again. Just days ago, and less than a week after splitting into two separate currencies, bitcoin and bitcoin cash, bitcoin rocketed higher to a fresh all-time high of $3,525. This new record high means that, at one point at least, bitcoin was up 264% from where it began the year, and that its market cap well exceeded the $55 billion mark.

Why the sudden surge in bitcoin after the digital currency was valued as low as $1,900 on July 16? A lot of the recent bullishness has to do with the upgrades that were enacted in the software for bitcoin.

Image source: Getty Images.

Source: Fool.com