The price of Bitcoin is now trading at its highest level ever, over $4700. It beats the previous high reached on August 18 of this year by 4%.
At press time, the average price of Bitcoin across global exchanges was $4,703.21, a figure that was up roughly 4% from a previous high of $4,522.13 set on August 18.
Overall, the price of bitcoin is up from a daily low of $4,400. On the year, Bitcoin is now up 350% from roughly $1,000 on January 1. Elsewhere, the price of ether, ethereum’s blockchain token, was nearing all-time highs, reaching its highest total observed since mid-June.
Regardless of crypto currency’s huge success, many skeptics are still wondering when it will all come crashing down.
But its meteoric rise belies a fact apparent to anyone active in the space: The bitcoin community is at war with itself and at greater risk of splitting apart than ever in its history. Already, the impasse has been a drag on its value.
The power struggle — over the seemingly simple question of how to upgrade the network to handle more transactions — is pushing fees so much higher that, for certain types of transactions, bitcoin is nearly unusable. Transactions that should take 10 minutes are taking days or not going through at all, and the average fee costs $4.75 — a negative development for a network whose proponents once touted the fact that it was cheaper than Visa. –Forbes
All that aside, Bitcoin is still on the rise and today, it hit a new record high.
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Contributed by Dawn Luger of The Daily Sheeple.