Bitcoin hits $4,800 for the first time

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

The cryptocurrency crossed $US4,800 for the first time on Friday. Currently, its up 1.48% near $US4,837 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 $US300 to $US600.

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 $US5,000 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 $US4,827 before correcting, meaning, in her mind, it’s fully valued.

Bitcoin is up 390% this year.

Get the latest Bitcoin price here.

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