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July 16, 2017

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Bitcoin surges to new record above $4,000

August 13, 2017

Bitcoin surged to a new record high above the $4,000 level on Sunday, as investors remained optimistic about the future of the cryptocurrency after it successfully survived a split into two competing coins.

 

On the U.S.-based Bitfinex exchange, Bitcoin was at $3,909.3, up $480.8 or 14.06%, after rising as high as $4,183.7 earlier.

 

Bitcoin has quadrupled in value this year and has gained around 36% so far this month.

 

The fresh record highs came as uncertainty over the future of Bitcoin receded after new software called Segregated Witness, or SegWit was adopted by the blockchain supporting Bitcoin last week.

 

The software was developed as a solution to the cryptocurrency’s scaling problem, which led to a split or so-called ‘hard fork’ on August 1 when the blockchain supporting Bitcoin split into two, creating Bitcoin Cash.

 

Bitcoin received an additional boost after Goldman Sachs said in a report last week that it is becoming more difficult for institutional investors to ignore the rise of cryptocurrencies.

 

“Whether or not you believe in the merit of investing in cryptocurrencies (you know who you are), real dollars are at work here and warrant watching,” Goldman said.

 

But Bitcoin’s recent strong gains have added to fears over a crypto-bubble.

Elsewhere in cryptocurrency trading, Ethereum, Bitcoin’s closest rival in terms of market cap, was lower, falling 4.48% or $13.54 to $288.87.

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