Bitcoin hits a record high above $4,600
Bitcoin's unbridled march into record territory continued Tuesday as the cryptocurrency reached over $4,600 per coin to a high of $4,616, up 5.10%.
It has since pulled back a bit and is now trading near $4,578 per coin.
Bitcoin has been on a tear since it split in two on August 1, resulting in the creation of bitcoin cash. Since the split, investors have gotten more confident in the stability and scalability of the digital currency. Its price has more than doubled since August 1, and it is up over 350% year-to-date.
Dennis Porto, a bitcoin investor and Harvard academic, told Business Insider that over the long term he had noticed bitcoin's price was following Moore's law and growing exponentially. He said he thought bitcoin could reach $100,000 by 2021 as long as that continued.
"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.
Meanwhile, bitcoin cash is trading at $580 per coin, and ethereum's ether token, another cryptocurrency, is trading at $360, up 4.6%.
