Bitcoin isn’t showing signs of stopping.
The cryptocurrency hit the price of $7,000 per one bitcoin early on Thursday, just weeks after it surpassed $6,000 for the first time.
The rally has been incredible — after briefly hitting a low of around $3,000 on Sept. 14, Bitcoin has been breaking through all-time-highs. In October, the cryptocurrency’s market cap — the value of all bitcoins currently in existence — exceeded $100 billion for the first time. Right now, it’s at $117 billion.
It’s tough to pinpoint exactly what has prompted this latest price increase. This week’s news that the world’s largest futures exchange CME plans to launch Bitcoin futures this year certainly helped.
And there’s the anticipation of another Bitcoin fork that’s due to happen roughly on Nov. 16. Around that time, Bitcoin software will be upgraded with Segwit2x, which should increase the block size in Bitcoin’s blockchain, thus ideally making the network faster.
However, while the last couple of forks went very well for Bitcoin owners — essentially, everyone that owned Bitcoin at the time of fork received the same amount of a new currency — the Segwit2x fork might be different.
This is because Segwit2x is not an attempt to create a different Bitcoin, it’s a plan to supersede the current Bitcoin with a new one. And while such forks go easily when everyone agrees on them — as in the case of Ethereum, for example — Bitcoin’s core developers aren’t happy with the current Segwit2x plan and are openly against it. So even though a large majority of Bitcoin miners and exchanges publicly supported Segwit2x, it’s unclear how things will go down on Nov. 16.
Right now, however, it appears that none of this uncertainty is hurting Bitcoin, whose price is $7,041 at the time of writing.
It’s notable that Bitcoin Cash, a Bitcoin clone which was created in August, has also risen sharply — nearly 18% in the last 24 hours, which brought its price to $577 and its market cap to a little under $10 billion.
Read more: http://mashable.com/2017/11/02/bitcoin-7000/