Bitcoin spikes to a record high above $4,700

Bitcoin hit a fresh record high of $US4,710 a coin on Thursday morning. Currently, the cryptocurrency trades up 2.38% at $US4,704 a coin.

Thursday’s advance caps off a big month for bitcoin, which has rallied 63.5% since the August 1 fork that split it in two.

Bitcoin cash, the cryptocurrency that was formed from the fork, has gained about 116% since its first trade of $US300.

August has been an eventful month for bitcoin. Aside from the fork, 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.

And while bitcoin has gained about 385% so far this year, the good times likely won’t last forever.

In a note to clients sent out in the middle of August, Sheba Jafari, the head of technical strategy at Goldman Sachs, suggested bitcoin would climb as high as $US4,827 before correcting.

“At this point, Bitcoin would have to move back under 2,935 (Jul. 21st high/top of wave 1/V) to signal that a top is already in place,” Jafari wrote.

She predicts a correction could take bitcoin all the way down to about $US2,221.

Get the latest Bitcoin price here.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.