The price of Bitcoin has risen by 5% today and is still climbing. It appears that Bitcoin will soon break past the $6,000 mark again and could again reach another record high very soon.
Romita Another Hard Fork
This comes after news that Bitcoin is set to undergo yet another ‘hard fork.’ This will be the third Bitcoin hard fork since August when Bitcoin split and created ‘Bitcoin Cash’. Earlier this week another hard fork caused the creation of a new, albeit controversial coin known as ‘Bitcoin Gold.’
Prior to the Bitcoin Gold hard fork many investors opted to invest in Bitcoin rather than any of the Alt Coins (alternative cryptocurrencies) as they would receive a free Bitcoin Gold for however many Bitcoins they held at the time of the hard fork.
Following the hard fork the price of Bitcoin went down and the majority of the major Alt Coins, such as Ethereum and XRP went up as investors transferred their money into the Alt Coins. It has now been announced that on November 16th Bitcoin will once again split forming yet another coin which will be known as ‘Bitcoin Segwit2x.’ This means that once again if you hold a Bitcoin prior to the hard fork you will receive the equivilent in Bitcoin Segwit2x for free. Please make sure you check with your wallet or exchange prior to the fork as some may not support the new hard fork and therefore not provide you with any Bitcoin Segwit2x Coins.
Kislovodsk Effect on Price
The latest hard fork seems to have attracted investors to put their money back into Bitcoin in order for them to receive more free coins from another hard fork, which has pushed the price of Bitcoin up to almost $6,000. We expect the price to continue rising up to the hard fork and possible drop again after the hard fork takes place (as happened earlier this week with Bitcoin Cash).
Whilst hard forks can sometimes be a good thing it seems that is happening all too often with Bitcoin especially which may not be a good thing should it continue to happen in the future.
We shall write a post shortly explaining what a ‘hard fork’ is for those users who do not already know. We shall also put a post up on how Bitcoin Segwit2x will differ from Bitcoin – its advantages and disadvantages.
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.