This Monday, Bitcoin managed to rail more than 11 percent in just half a day, after the cryptocurrency’s dramatic plunge, registered this weekend, says CNBC.
Earlier in the morning, it started trading at $5,857.32, a relatively low value, considering those registered over the past week, but quickly reached $6,545.20 by 11:50 a.m. GMT (6:50 a.m. ET), says the same source, citing data from CoinDesk. Basically, this rapid value increase can be translated to a 12 percent increase in the price.
The total value reached a ridiculous number!
Currently, Bitcoin’s market capitalization – or, if you prefer, the total value of all the cyrpto coins circulation – surpassed $10 billion in the same period, something which definitely made a lot of investors happy.
Speaking about ridiculous number, just last week, the coin reached a record high, of $7,879.06. This was correlated to several factors, including CME Group’s plans to offer bitcoin future contracts, as well as the favorable regulations from different countries, which now allow Bitcoin as a method of payment.
However, one of the most important factors which helped the cryptocurrency reach a historical value was the network’s ability to go past the SegWit2x upgrade, initially expected to happen on November 16.
The main purpose of this upgrade was to seriously increase the transactions speed of the network. However, support for the upgrade was waned, making developers from all over the world reschedule the planned implementation.
The split happened earlier this year!
Earlier in 2017, the blockchain technology behind Bitcoin split in a process called “hard fork” (and it happened twice), leading to the creating of two new cryptocurrencies, Bitcoin Cash and Bitcoin Gold, both of them managing to reach some impressive prices already.
Specifically, the Cash saw a big spike, as Bitcoin sold off with many investors considering it a viable alternative. However, this didn’t last, since it fell from its all-time high of $2,446.31, on Sunday, to $1135.32, on Monday.