BREAKING: Bitcoin Reaches $8,000

Bitcoin

According to CoinMarketCap, today at 01:14 UTC, Bitcoin reached an all-time high of $8004.59.

At press-time it has gained 6 percent in 24 hours and is just under its high, at $7920.64.

The original coin has seen a remarkable “comeback” from its record lows just a week ago, near the $5,600 mark. Since its lows on Sunday, it has rebounded 30 percent.

According to CoinMarketCap, the coin’s market cap, or the total value of the digital coins that are currently in circulation, went from $92 billion to just at $133.5 billion.

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Source: CoinMarketCap.com

 

What Happened?

The crypto’s crazy weekend was the result of a cancellation announcement made on the morning of the 8th, in regards to the network upgrade, SegWit2x, that was set to launch November 16th. This upgrade was aimed at improving the transaction speed on the blockchain, that has slowed down a substantial amount over the years.

If the upgrade took place, it would have been by way of a “hard fork” which would have resulted in miners mining the old blockchain resulting in a new bitcoin spin-off formed. The coin has already had two hard forks, earlier this year that was the result of the creation of Bitcoin Cash and Bitcoin Gold.

Cash made headways this weekend towards their push to become the reigning cryptocurrency when miners started dumping Bitcoin’s blockchain and started mining Bitcoin Cash. The miners’ incentive to do this was the result of the difficulty protocol set on the blockchain network that made Bitcoin less profitable to mine and its off-shoot profitable. Eventually, Bitcoin Cash’s difficulty protocol ended up getting in the way when miners started flooding the system and ended up severely slowing down mining, which resulted in miners switching back to the original blockchain.

Big Things Ahead

The investor community has been slowly warming up to the idea of moving their money out of bonds and equities and into bitcoin. Projected for mid-December, the CME Group will be launching their bitcoin futures listing. As well as cryptocurrencies most popular wallet, CoinBase, announcing just yesterday that they are soon to launch a product for institutional clients.

As the price of the cryptocurrency has shown in the last week, the market seems to be taking this news fairly well.

Featured Image: twitter

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