Bitcoin price at an all-time high
Crypto-currency value boosted by blockchain technology
by Abi Moses on 9th August, 2017 and updated 9th August, 2017 5:08pm
The market unpredictability and volatility experienced by crypto-currencies, particularly Bitcoin, continues after the digital currency bounced back from recent uncertainty to break the £3,500 mark for the first time on Tuesday.
Bitcoin reached an all-time high $3,525.04 during Tuesday trading, before easing slightly to close at $3,481. The new high during trading represents a huge 264% year-to-date rise for the currency.
Bitcoin were hit by a so-called "scaling debate" with the bitcoin blockchain – the technology which underpins the currency – experiencing a backlog of transactions. The scaling debate was over the best way to increase the capacity of the bitcoin network, with two different proposals considered.
The debate resulted in a split in the blockchain and the creation of a new digital currency; Bitcoin Cash. The remaining majority supported a software upgrade, with BIP 91 introducing SegWit2X. The new upgrade would see some data removed from the main Bitcoin network to increase capacity.
Charle Hayter, CEO at CryptoCompare, a London-based digital currency data firm, said "Segwit activates this afternoon and there is a lot of hope that the network will unclog with lower transaction fees becoming the new normal. The SegWit activation opens up projects that bring some capability to the bitcoin network. Instead of bitcoin being held back by infighting, it is now blue skies of opportunity in what can be built."
Aurelien Menant, CEO of the Gatecoin cryptocurrency exchange, added, "Given the technology's move towards scalability, more institutional investors are now considering to allocate funds to bitcoin, which may be exciting the market."
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