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Author Topic: [2017-09-01] Bitcoin hits $4,800 for the first time  (Read 3272 times)
Eric Cartman
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September 01, 2017, 08:06:12 PM
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The cryptocurrency on Friday crossed $4,800 for the first time. It's up 1.48% near $4,837 a coin as trade grinds higher for the eighth time in the past nine sessions.

The record high to start September follows an eventful August that saw bitcoin split in two and receive a software upgrade.

On August 1, a fork in the cryptocurrency split it into bitcoin and bitcoin cash. Since that day, bitcoin is up about 74% while bitcoin cash has doubled to $600 from its original print of $300.

But that wasn't the only major news in August. Developers introduced a new software called Segregated Witness, or SegWit. "SegWit is a clever solution that essentially increases transaction capacity," Aaron Lasher, the chief marketing officer of Breadwallet, a bitcoin technology company, told Business Insider.

Following the implementation of SegWit, Arthur Hayes, the CEO of BitMEX, a bitcoin derivative exchange, told Business Insider, "With Segwit implemented, I believe $5,000 bitcoin is within striking distance."

But not everyone thinks it's going to get there.

Sheba Jafari, the head of technical strategy at Goldman Sachs, thinks bitcoin is close to a top. In a note to clients, Jafari suggested bitcoin would climb as high as $4,827 before correcting, meaning, in her mind, it's fully valued.

Bitcoin is up 390% this year.

https://finance.yahoo.com/news/bitcoin-hits-4-800-first-112400262.html

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