Investing.com - The price of the digital currency bitcoin slid lower on Wednesday, but remained within striking distance of the fresh all time high above the $4,600 level set in the previous session.
On the U.S.-based Bitfinex exchange, Bitcoin touched a low of $4,481.10 and was at $4,535.2 by 07:45 AM ET (11:45 GMT) having opened at $4,586.60.
Prices hit an all-time high of $4,644.20 on Monday before closing at $4,587.10.
The digital currency has quadrupled in value this year and at current prices bitcoin has a market cap of about $74 billion.
Earlier this month, Sheba Jafari the head of technical strategy at Goldman Sachs predicted that the price of bitcoin might soar as high as $4,800.
But she also warned that a price increase could precede a market correction, which would push prices back down to below $3,000.
Jafari said bitcoin could correct down as far as $2,221, a level the market has not seen since a downtrend in mid-July.
Meanwhile, the price of the new bitcoin offshoot, Bitcoin Cash was higher. It touched a high of $610.05 and was last at $569.05, having opened at $548.04.
It rose to a high of $935.50 on August 19, the strongest level since the split or so-called ‘hard fork’ on August 1 when the blockchain supporting bitcoin split into two, creating bitcoin cash.
At current prices, bitcoin cash has a total market capitalization of around $9.4 billion, making it the third most valuable cryptocurrency.
Elsewhere in cryptocurrency trading, Ethereum, the second biggest cryptocurrency by market cap after bitcoin, was up 0.5% to $374.8.
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