The world’s largest cryptocurrency looks better than ever. Bitcoin has reached an exchange rate of $7,511, gaining 4.22 percent in the last 24 hours. and is looking ready to challenge another record, informs CoinDesk.
Despite the upcoming Segwit2x hard fork, which looks increasingly unlikely to succeed in updating the Bitcoin blockchain to a new rule set without creating another asset, the digital currency is conquering new peaks.
Should we expect free coins soon?
The idea of alternative Bitcoin code has created enough friction for the market to witness a blockchain split into two rival assets. Speculations that the process might end up creating free “Segwit2x coins” for holders of Bitcoin actually helped the virtual currency.
The futures market also indicates low odds of the hard fork being implemented successfully. With a 8 percent drop in the last 24 hours, investors in Segwit2x futures don’t seem to have chosen the right side. Compared to the November 4 peak of $1,968.80, things are looking pretty terrible, down 33.96 percent.
Despite predictions of a split, Segwit2x may not output the benefits that Bitcoin holders enjoyed when Bitcoin Cash hit the market back in August. The market will likely remain unsteady in the following weeks, but nobody will act surprised if the cryptocurrency record another high.
A lot of people still don’t fully trust the cryptocurrency
Still, a lot of bankers and economic specialists don’t trust what Bitcoin can bring to the table. JPMorgan Chase Chief Executive Jamie Dimon said that digital currencies are worth nothing and the second they become too big to be controlled, governments are going to close them down. He added that it will end badly for those who chose to invest in Bitcoin.
“Bitcoin today, is in my view, clearly in a bubble…very clearly. But we don’t know very well what are the market drivers behind this price valuation,” said Societe Generale deputy CEO Severin Cabannes.