Bitcoin Price Hits Record $4,643

Journalist:
August 29, 2017

The bitcoin price set a new all-time high on Tuesday, punching through the $4,500 wall to extend beyond the $4,600 threshold.

Bitcoin Price Sets New ATH Above $4,600

The bitcoin price first crossed $4,400 on August 15, but it had been unable to penetrate the $4,500 wall, even as the total cryptocurrency market cap continued its record advance. That changed on August 29, when the bitcoin price suddenly burst through $4,500. Almost immediately, bitcoin leaped over the $4,600 mark. On Bitfinex, the bitcoin price rose as high as $4,643, although the CoinMarketCap average was $4,603. This rally raised the bitcoin market cap to $76 billion, which is more than $6 billion greater than PayPal’s current total valuation.

BTC Price Chart from Bitfinex

At present, bitcoin has not been able to progress past the $4,600 mark. The BTC price currently sits at $4,581 for a daily gain of 6%.

Max Keiser: Bitcoin Price Will ‘Probably Break $5,000 This Week’

Now that bitcoin has broken through the $4,500 wall, there is much speculation about where it will go next. Goldman Sachs’ Sheba Jafari–who bases her forecasts on Elliot Wave Theory–has the $4,800 level as her price target, after which she believes bitcoin will crash to around $2,200. Others are more bullish. This morning, RT host Max Keiser tweeted that he believes the bitcoin price will ‘probably break $5,000 this week” now that Segregated Witness (SegWit) has been activated on the network.

He anticipates that this new milestone will spark a new media blitz. This renewed media attention will, in turn, introduce a new wave of buyers who will carry the price “toward $10,000.” This view coincides with that of stock research Ronnie Moas, who recently raised his mid-2018 price target to $7,500.

Lightning Network Bump?

Bitcoin’s climb to $4,600 parallels litecoin’s record climb to $60. This might not be a coincidence since litecoin activated SegWit earlier this year. The activation of SegWit facilitates the development and deployment of Lightning Network technology. LN technologies are expected to bring a number of innovative features to bitcoin and litecoin, including the ability to perform cross-network transaction swaps.

Featured image from Shutterstock.

Tags: max keiser
Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.