Bitcoin hits a record high near $3,500

Jonathan Garber

Aug 8, 2017, 16:46 IST

Reuters/Bobby Yip

Attendants pose with a bitcoin sign during the opening of Hong Kong's first bitcoin retail store.

Bitcoin's forray into record territory continued on Tuesday as the cryptocurrency reached nearly $3,500 a coin. Early buying propelled bitcoin to a high of $3,486 before sellers managed to push it down to its current level of $3,435, up 1.34%.

Bitcoin survived the August 1 "fork" that split it in two, seeing 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.

As for how high bitcoin can go, back in late-July, Sheba Jafari, the head of technical strategy at Goldman Sachs said the cryptocurrency had the "scope to reach 3,691." Jafari has been spot on with her bitcoin call, earlier predicting a big drop was coming.

Complimentary Tech Event

Transform talent with learning that works

Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

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 bitcoin 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 Business Insider.