Bitcoin price rises again to near-record value - but how long will it last?

Bitcoin prices are on the rise again hitting a near-record value, with the digital currency currently trading at $4,414.31.

The volatile cryptocurrency has recovered after dipping back below $4,000, a seven-day low, earlier this week and is edging closer to a record price.

Bitcoin's price has remained largely around the $4,000 mark over the last three weeks, but experts remain divided about the price hitting $5,000.

It soared to a record high of $4,500 on August 18, with prices jumping 40 per cent in this month alone, a positive response to cryptocurrency splitting into two different currencies.

An offshoot called Bitcoin Cash was created following a split between bitcoin backers on how to take the currency forward, in an event known as hard fork.

The real impact of the split on prices will be seen in November, when a fundamental change to operating the cryptocurrency will take place.

Bitcoin transactions are completed when a “block” is added to the blockchain database that underpins the currency, however this can be a laborious process.

Segwit2x proposes moving some of bitcoin’s transaction data outside of the block and on to a parallel track to allow more transactions to take place.

The changes will happen in November and it remains to be seen if it will have a positive or negative impact on the price of bitcoin in the long term.

It’s been an incredible 2017 for bitcoin growth, with its value quadrupling in the past six months, surpassing the value of an ounce of gold for the first time.

It means if you invested £2,000 five years ago you would be a millionaire today.

But is it too late to invest in bitcoin?Emma Poposka, CEO of digital currency management company Bron Tech, thinks not.

“Buying bitcoin now is not too late,” she told HuffPost Australia. “If we see full adoption in the future, or mainstream adoption, the price still has to go up because we have limited supply.”

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