Bitcoin Surges Above $4100 to Set New ATH

News and Analysis

Bitcoin surpassed $4,100 on Sunday, August 13, 2017, reaching its latest milestone and setting yet another all-time high.

The cryptocurrency reached as much as $4,137.28 during the session, according to figures provided by Coinmarketcap.

By hitting this latest milestone, Bitcoin has surged more than 300% year-to-date, rising from less than $1,000 at the start of the year to break through key price levels of $2,000, $3,000 and, finally, $4,000.

Bitcoin rose in the last week, mirroring gold’s climb amid a global selloff in stocks and bonds. Rising worries about North Korea’s nuclear threat have sent investors flocking to perceived safe-havens and alternative assets.

Analysts have also noted increased investor interest, especially from institutional investors, after Bitcoin successfully survived an Aug. 1 split into Bitcoin and Bitcoin Cash.

Earlier this week, one of U.S. biggest investment funds Fidelity Investments launched a feature allowing customers to also view their Coinbase Bitcoin holdings. The initiative is a rare example of an established financial services company warming up to cryptocurrencies.

The currency also got a boost from Goldman Sachs, which in a report released this week said it is harder for institutional investors to ignore cryptocurrencies like Bitcoin.

The digital currency has now quadrupled in 2017, and is up about 40 percent in August alone. Bitcoin’s market value is now around $68 billion, up about $10 billion in the last week.

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