Bitcoin Price Climbs above US$4000, Hits All-Time High

Bitcoin

Bitcoin

Bitcoin soared past $4,000 for the first time on growing optimism faster transaction times will hasten the spread of the cryptocurrency.

The digital currency was founded in 2009 and has become a major force in online trading, with numerous largest companies now accepting it as payment for goods and services, among them Microsoft.

Iqbal V. Gandham, UK MD of trading platform eToro, said in an emailed statement: "Bitcoin hitting $4,000 is another milestone in long list of big moments the cryptocurrency has witnessed in recent weeks".

"With the total value almost $120 bln, it's getting harder for institutional investors to ignore cryptocurrencies", said JP Morgan analyst Robert D. Boroujerdi, as reported by The Merkle.

Recent fears of a major conflict between the USA and North Korea have also pushed the price of Bitcoin up.

Financial analysts are also pointing to Bitcoin's August 1 split as a significant factor contributing to the price increase. The currency has been hovering above $2,600-$2,700 levels during the final week before the split and didn't budge much even when the legendary blockchain split into two-Bitcoin (BTC) and Bitcoin Cash (BCH). It happened already and I think it will happen one more time.

For the year, the cryptocurrency is up more than 315%.

Like gold, bitcoin can serve as an alternative asset, especially in view of the world's geopolitical tensions.

The rise and rise of the cryptocurrency has seen it quadruple in value this year and rise 40 per cent in August alone, while its total market value is now just shy of $70bn.

Meanwhile, Chris Burniske, an author of the upcoming book, "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond", stated that there is a strong correlation between the value of the digital currency and the performance of the term "bitcoin" on Google Search.

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