News Bitcoin hits $4,800 for the first time

Bitcoin hits $4,800 for the first time

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bitcoinAndrew Burton/Getty Images

Bitcoin
is following up its strong August with a record high to start
September.

The cryptocurrency crossed $4,800 for the first time on
Friday. Currently, its 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 the month of September follows up an
eventful August that saw bitcoin split in two and receive a
new 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 double from its original print of $300 to $600.

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,
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 its going to get there. 

 Sheba Jafari, 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. 


Bitcoin
Markets
Insider


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