Bitcoin cryptocurrency smashes fresh record, now worth more than $4,000

Bitcoin continues its astonishing rise, shooting past the $4,000 mark for the first time and hitting fresh all-time highs, according to a CityAM report monitored by Businessamlive.

The price passed the milestone overnight and is at $4,189.45 at pixel time, according to Coindesk.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.

Bitcoin has been ticking off highs left, right and centre in recent weeks and a so-called hard fork where the currency is split in two, creating a second cryptocurrency called bitcoin cash, has failed to derail its rise. And if you think this is high, this may be nothing yet: one analyst has made a bold prediction that bitcoin could hit $10,000 by 2019. Others are more cautious.

Enthusiasm for bitcoin continues to grow, with several developments over the past week adding to the concensus on cryptocurrency as more than a fringe interest.

Coinbase, a digital currency wallet startup, landed $100m from top investors, turning it into a “unicorn” company, that is, valued at more than $1bn. Meanwhile, investment firm Fidelity said it would let clients view bitcoin and other cryptocurrencies on its website, a stamp of approval from such a traditional financial institution.

Many are also increasingly looking to bitcoin as a safe haven asset and the past week has seen heightened geopolitical tensions between the US and North Korea.