Bitcoin records highest this year, goes near $3,500

Bitcoin records highest this year, goes near $3,500
--Courtesy "coindesk"

Bitcoin broke through the $3,500 mark hitting the highest record for this year on Tuesday. Early buying prompted Bitcoin to hit near $3,486 before sellers managed to push it down to its current level of $3,435.

Bitcoin has survived the August 1 “fork” that split it in two, observing only minimal losses when some were predicting a doomsday scenario. Selling on that day dropped Bitcoin to a low of $2,643. It has rallied about 30% since its August 1 bottom.

Back in late-July, Sheba Jafari, the head of technical strategy at Goldman Sachs said the cryptocurrency had the “scope to reach 3,691”.

Over the long-term, Dennis Porto, a Bitcoin investor and Harvard academic, told Business Insider, he has noticed that Bitcoin’s price is following Moore’s Law, a first for a technology’s price, and said he believes its value could reach $100,000 as long as that continues.

“This poses a unique opportunity for investors: Whereas it was difficult to invest in circuits or internet speeds, it is easy to buy a bitcoin,” Porto told.