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Bitcoin hits fresh all-time high, Bitcoin Cash also higher

ForexAug 31, 2017 08:01AM ET
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© Reuters. Bitcoin hits fresh all-time high, Bitcoin Cash also higher

Investing.com - The price of the digital currency bitcoin rose above the $4,680 level for the first time in its nine-year history on Thursday.

On the U.S.-based Bitfinex exchange, Bitcoin touched a high of $4,687.1 and was at $4,677.1 by 07:57 AM ET (11:57 GMT) having opened at $4,567.9.

The digital currency has quadrupled in value this year and at current prices bitcoin has a market cap of about $76 billion.

Earlier this month, Sheba Jafari the head of technical strategy at Goldman Sachs predicted that the price of bitcoin might rise as high as $4,800.

But she also warned that a price increase could precede a market correction, which would push prices back down to below $3,000.

Jafari said bitcoin could correct down as far as $2,221, a level the market has not seen since a downtrend in mid-July.

The price of the new bitcoin offshoot, Bitcoin Cash was also rising. It touched a high of $608.50 and was last at $598.49, having opened at $579.40.

It rose to a high of $935.50 on August 19, the strongest level since the split or so-called ‘hard fork’ on August 1 when the blockchain supporting bitcoin split into two, creating bitcoin cash.

At current prices, bitcoin cash has a total market capitalization of around $9.8 billion, making it the third most valuable cryptocurrency.

Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was down 0.2% to $385.19.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

Bitcoin hits fresh all-time high, Bitcoin Cash also higher

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