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Bitcoin, the world’s largest cryptocurrency by market capitalization, has breached $8,000 mark for the first time. According to the website CoinDesk, Bitcoin hit a record high of $8,121.56 on Monday around 12:25 p.m. London time. It is currently trading at $8233.45.
It has been a rollercoaster of a week for the cryptocurrency, witnessing a far-fetched rise from a low of $5,500 on Sunday, November 12. This is one of the major sell-offs in the history of Bitcoin marking a more than 47 percent increase in the cryptocurrency’s price.
It was after a proposed upgrade to the Bitcoin network, SegWit2x, that the cryptocurrency saw a dramatic dip last weekend. This network upgrade ‘hard fork’ was expected to improve the transaction speed of Bitcoin which has slowed down over the years.
Upon cancellation of the hard fork on November 10th, the Bitcoin price plunged down to $5,800, with people seeking alternative cryptocurrencies. This sudden dip in the currency value also overlapped with the movement in the price of bitcoin cash (BCH) which became the second most valuable coin and the coin with the most hash rate spike temporarily for 24 hours, surpassing even the Bitcoin with the latter.
Bitcoin, created in 2009, is the currency can be used to buy merchandise anonymously without any transaction fees. Besides buying merchandise, people have been using Bitcoins as an investment instrument. Once bought, Bitcoins are stocked up in a “digital wallet”, a type of a virtual bank account which allows users to buy, sell, send or receive Bitcoins, as well as pay for goods or save their money.
Over the short span, it has become a global phenomenon. As the time goes, more merchants are beginning to accept it. There are several marketplaces known as “Bitcoin Exchanges” that allow people to trade Bitcoins using different currencies. Is $10,000 for a single Bitcoin, on the cards?