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Bitcoin Buying Binge Continues, Tops $3400 For First Time As Fork Fears Subside

Bitcoin, and Bitcoin Cash, are both higher this morning as the former surges above $3400 for the first time. Ethereum is also running higher as analysts predict a double for ether and $5000 Bitcoin price in 2018.

This morning's surge follows news over the weekend of a mysterious trader 'Spoofy' manipulating Bitcoin prices.

It is clear that post-Fork fears have now been erased:

“The miner-orchestrated hard fork has had limited traction and will not impact the price or future development of bitcoin,” said Aurelien Menant, chief executive officer of Gatecoin Ltd., a cryptocurrency exchange in Hong Kong, referring to the split.

 

“The activation of SegWit is a significant milestone in bitcoin’s technological evolution.”

 

As CoinTelegraph reports, Standpoint Research founder and analyst Ronnie Moas has previously projected that the digital currency Bitcoin will reach a price of $5,000 per token in 2018 and $50,000 in 10 years.

In his most recent interview with CNBC, he also claimed that rival currency Ethereum is also likely to increase by twofold to reach $400 during the year.

In his report published in late July 2017, Moas claimed that the cryptocurrencies will sustain their solid performance and steal some shares of other assets like stocks, bonds, fiat currencies and other precious metals in the market.

"I think investors should take a shot on this and hold for a few years. If you lose a few bucks, at least you took a shot," he said.

 

"In life, you miss every shot that you do not take. It will probably be more upsetting to watch it (from the sidelines) go up another 1,000 percent."

Aside from the two leading virtual currencies, Moas also forecast that the price of the digital currency Litecoin will increase by twofold to $80 per coin.

However, Bitcoin's teething troubles may not be over yet...

“The scaling debate is not over yet,” Menant added.

 

“The promised 2 MB block size increase due in November in accordance with the SegWit2x agreement may still be rejected by certain stakeholders.”