Bitcoin edges closer to $4,700 after breaking past a new high

Courtney Goldsmith
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Bitcoin is breaking all the milestones (Source: Getty)

Bitcoin's price has shot up past $4,600 to reach a new high for the cryptocurrency.

At the time of writing, one coin was trading up 3.38 per cent at $4,698.75, according to data from CoinMarketCap.

The digital currency first tipped over the $4,600 point on Tuesday, and it has remained relatively stable since then.

The infamously volatile cryptocurrency has been breaking milestones left and right this summer as it rocketed up from around $2,500 at the beginning of June.

However, last week prices dipped back below $4,000.

Bitcoin has been gaining more mainstream traction over recent months with more regulators and investors getting enthusiastic about the technology - or at least deciding to look into what it all means.

Iqbal Gandham, UK managing director at eToro, said:

“In the last day or so the value of all cryptos has risen by $2bn. One factor at play here could be events on the Korean peninsula - both gold and bitcoin increased in value in response to increasing tensions, highlighting that investors are increasingly confident in the cryptocurrency and see it as a legitimate safe haven asset, similar to gold or US treasuries.

“This isn’t the only factor driving the price of bitcoin, however. The real-world application of the asset is becoming increasingly clear as more and more retailers seek to accept transactions in BTC. We believe this bull has much further to run.”

Most other major cryptocurrencies were also trading in the green today.

Ethereum's ether token rose 2.41 per cent to trade at $385.23, which was close to its record high of around $400, and bitcoin cash was trading up 6.06 per cent at $597.89.

Bitcoin cash was created earlier this month when bitcoin's underlying technology split in two.

Read more: Bitcoin erases last week's gains as it tumbles below $4,000

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