Bitcoin hits a record high near $3,500

Bitcoin

Bitcoin's forray into record territory continued on Tuesday as the cryptocurrency reached nearly $3,500 a coin. Early buying propelled bitcoin to a high of $3,486 before sellers managed to push it down to its current level of $3,435, up 1.34%. 

Bitcoin survived the August 1 "fork" that split it in two, seeing only minimal losses when some were predicting a doomsday scenario. Selling on that day dropped bitcoin to a low of $2,643. It has rallied about 30% since its August 1 bottom.

As for how high bitcoin can go, back in late-July, Sheba Jafari, the head of technical strategy at Goldman Sachs said the cryptocurrency had the "scope to reach 3,691." Jafari has been spot on with her bitcoin call, earlier predicting a big drop was coming

Over the long-term, Dennis Porto, a bitcoin investor and Harvard academic, told Business Insider he has noticed that bitcoin's price is following Moore's Law, a first for a technology's price, and said he believes bitcoin could reach $100,000 as long as that continues. 

"This poses a unique opportunity for investors: Whereas it was difficult to invest in circuits or internet speeds, it is easy to buy a bitcoin," Porto told Business Insider.

Bitcoin

 

SEE ALSO: Bitcoin cash may be a house of cards that comes crashing down

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Contributer : Tech Insider http://ift.tt/2vAJOwT
Bitcoin hits a record high near $3,500 Bitcoin hits a record high near $3,500 Reviewed by mimisabreena on Tuesday, August 08, 2017 Rating: 5

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