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.