For the past few days, Bitcoin (BTC) has been smashing its own records.
As per CoinMarketCap, the Bitcoin-U.S. dollar (BTC/USD) exchange rate catapulted above the $10,000 mark at 11:19:11 UTC. At press time, the cryptocurrency is changing hands at $10,001.50 and is up already 3.87 percent on the day. Its record high occurred at 12:04:14 UTC when it traded at $10,113.70. BTC’s price is up 75.12 percent for the month.
Just over two weeks ago, Bitcoin was in major trouble as it’s major upgrade SegWit2x was cancelled abruptly and the system’s “difficulty” protocol slowed the system down almost to a halt.
Miners jumped ship and began mining on the Bitcoin Cash (BCH) blockchain as it became the more profitable option, causing things to flip nearly overnight. What saved the original blockchain, however, was the fact that Bitcoin Cash’s difficulty protocol caught up with it and the miners began mining the original blockchain once more. At its peak on November 12th, BCH reached a high of $2306.15 but now, at press time is trading at $1571.58.
Looking to the future
Despite its past issues with Bitcoin, it still reigns supreme when it comes to all the digital currencies on the market, with its market cap three times the size of the second largest cryptocurrency, Ethereum. It has seen its fair share of difficulties over the years but still has managed to rebound quickly and break record-after-record. Back in the middle of October, a Wall Street strategist by the name of Tom Lee predicted that Bitcoin would reach $25,000 by 2020. At the time, everyone thought he was crazy but now, it doesn’t seem that far off. As the Bitcoin’s developing team continues to work on SegWit2x, the block size limitations still remain. As BTC’s price continues its climb, we will see how much the block sizes actually affect transactions and what its dev team will do next.
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