This week in cryptocurrencies: Bitcoin, ethereum and bitcoin cash make solid gains

 
Courtney Goldsmith
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In the wild rollercoaster ride that is cryptocurrency trading, it an uphill week (Source: Getty)

It's been a strong week for cryptocurrencies.

Three of the most-traded digital currencies have made positive gains this week after shaky trading in July.

Bitcoin

After backtracking on recent months of rises to fall below $2,000 in mid-July, bitcoin prices managed to more than double in a matter of weeks, climbing to a new record high of more than $4,500 yesterday, according to CoinDesk's aggregate price.

As attention from more mainstream investors and regulators grows, so does bitcoin's price.

Read more: Will cryptocurrencies soon become a mainstream form of payment?

Bitcoin cash

Bitcoin cash, the new cryptocurrency that was created when bitcoin's underlying technology, or blockchain, split in two earlier this month, topped $560 today after a strong day of trading yesterday, according to data from CoinMarketCap.

The digital currency spiked to an all time high of more than $600 in the beginning of the month following the excitement of the so-called hard fork when it split from bitcoin. It has struggled to rise higher than $400 in the weeks since then, however, making today's gains significant.

Bitcoin cash was trading 68.78 per cent higher than its previous close at $506.85 at the time of writing.

Ethereum

Ethereum's ether token has also welcomed a stunning rise this year, peaking at an all-time high of more than $400 in June, which was about a 5,000 per cent rise since the start of the year.

Following the record high, ethereum's price was slashed in half as it tumbled throughout the rest of June and into July.

Prices finally started heading back up in August. At the time of writing, the cryptocurrency was trading at $305.85 a token, 1.3 per cent below its previous closing price, according to CoinMarketCap.

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