On 13 October Bitcoin reached an all time high of over $5,800 before falling to around $5,500.

The price of bitcoin increased by over 20% in just two days! There is a lot of speculation as to exactly why Bitcoin has drastically risen in price but it seems like it may be due to a number of factors. One of the reasons is most likely due to Bitcoin’s next hard fork which will lead to another coin – ‘Bitcoin Gold.’

The last hard fork created Bitcoin Cash which meant that if you held Bitcoin on the day of the fork you would have received the exact amount in Bitcoin Cash (completely free!). Many investors are predicting the same will happen for Bitcoin Gold and are therefore buying more Bitcoins in order to receive more Bitcoin Gold coins for free. Some exchanges and/or wallets may not be offering this option however so make sure you check. For example, CoinBase did not support Bitcoin Cash and therefore never gave their users any Bitcoin Cash Coins during the last fork. They did however warn of this multiple times in advance.

Another reason which may be contributing to price rising could be news coming out of China that they are set to resume trading in Cryptocurrencies following their recent ban. It is likely that China will resume trading but with more regulation and controls.

We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.