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Bitcoin prices reach new all-time high of $4,500

2017-08-18 14:46 by

 

Bitcoin reached an all-time high, surging past $4,500 for the first time. Since setting its most recent all-time high of $4,483 on August 15, prices have fluctuated in the $4,000-$4,200 range until rising again Wednesday afternoon. Thursday morning, the price of the crypto asset rose to $4,501. The cryptocurrency has more than quadrupled in value since December.

Bitcoin's market capitalization is now above $73 billion, up from $68 billion 2 days ago.

The currency continues to grow following a split between its backers. The cryptocurrency has grown steadily for the past two weeks since it experienced a "hard fork", where some of its leading developers disagreed on the best way to take it forward, causing two competing strands of bitcoin to emerge.

Analysts expected bitcoin to take a hit after the fork, which saw the emergence of a new currency called "bitcoin cash". But bitcoin defied expectations, was been spurred by the split, and reached an all time high.

Mixed feelings have formed because of this price surge. Many experts and popular investors are predicting that the upward trend is going to continue. A popular investor who goes by masterluc, referred to as legendary by cryptocurrency website Coin Telegraph, says we’ll hit 15,000 by December. On the other hand, many fear it is a bubble that will burst. "There are no fundamentals behind any of this - it's all based on public perception," Rob Moffat, a partner at Balderton Capital.

 

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