The digital currency, Bitcoin, has recently been sulking due to left and right internet attacks and the influx of cyber-attacks; dropping to the massive loss of $1,836 last weekend. This time, the tides might have a turn and the crypto currency finally saw some light, clawing back its previous losses and managing to hit new highs.
On the recent market, according to CoinDesk, the Bitcoin’s index was surging at $2,703 today; this is the highest level the index saw since the June of 23 and just $300 short of hitting its record high of $3,025 set last June 11. The jump was nearly 15% and increasing a total of $316 within the course24 hours, and it’s just 15% off on hitting its highest of $3,025.
What Happened To Bitcoin?
The main reason why Bitcoin has been attracting more and more investors and the sudden surge is that of the amazing run the tech stocks had in the past days; chat topping quarter reports that send their shares flying and even putting several indices on record high level as well. Other major facts involved the locking in of the new code upgrade code also known as the BIP 91 today.
The new code will be setting up the stage for the first part of the Segwit2x proposal; on an in-depth look, the BIP 29 has the capabilities to upgrade the Bitcoin blockchain to thoroughly aid the use of Segregated Witness, this then puts more power and capabilities for networks to conduct more and more transactions.
Another reason for the sudden surge is brought by the joint operation by the law enforcement agencies from the United States and Europe; both countries united attack to take down the biggest dark web operation that is known to accept payments from Bitcoin and Ethereum, a notable online black market Alphabay was caught on the operation.
The growing “scaling debate” also pushes the coin’s prices up recently; but what is the “scaling debate”? Well, as Bitcoin grows bigger and more popular, their processing transaction has become sluggish and more expensive due to the influx of negotiations. Now, a lot of trades and transactions are taking too long to execute, even taking days to do so. Now, the whole scaling debate is about increasing the block to pave way for more transactions and speed the whole process as well.
Because of this arousing problem, Bitcoin advocates and devotees were split into two groups most commonly known as; the Bitcoin Unlimited and Bitcoin Core, and both parties have their own opinion and idea on which better option to take.
Ethereum on the Come Up As Well!
Another popular digital currency is the Ethereum, the coin was also experiencing extreme tremors on its prices from the last weeks and today, it is gaining a bit more ground. ETH managed to recuperate some of its massive losses from this week and the last; it manages to tally a total of 26% increase today or a total of $40.
This gives the whole digital currency community a plenty much room to breathe in, the sudden influx with BTC and ETH puts a positive note on the growing and creeping fear that the whole market can crash all at once. These new opportunities, events, and circumstances are making the digital currency market a safer and popular one; and according to most analysts, it can only go up by now.
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