Is Bitcoin heading towards $10000 by the end of 2017?
Sep 04, 2017 Posted / 2705 Views
The price of Bitcoins have always been in high in the market, which always crosses another market high. Recently, according to Coindesk, bitcoin has crossed $5000, which has surpassed its own market prices which was around $4000. The figures are quite impressive, and the major climb in the prices have given its uses a long time relief.
Owing to the market prices, there might be many technological factors as well as the growth of interest of people for the cryptocurrencies. The rise in the investment of cryptocurrencies from people have directly created waves in the prices. The digital currencies have came out to be quite visible due to many factors. Many companies are having ICOs to raise funds in the form cryptocurrencies. The digital currencies are being explored in various ways for their potential uses, by several business, firms, organizations and investors. There has been an increase in the market Cap because many investors have been investing largely in them. There were some concerns regarding the Bitcoin prices when Bitcoin went under the hard fork split. The matter was worrisome, but the concerns are now at rest after seeing the soaring price of Bitcoins. The Bitcoin split was due to the low scalability of Bitcoins. Bitcoin cash didn't receive much support, which questions on the future of the coins.
The investment in Bitcoins seems to be profitable than in Bitcoin cash, as far as the present prices are concerned. Bitcoin cash is still solving issues over the scalability, as it is naive in the environment. Bitcoin had never seen such a surge in price till now. Seems like forking has brought some great market for Bitcoins.
Bitcoin had surpassed the market capitalization of PayPal as well, previously. The prices of bitcoin surged to 8% on 14 August , which had increased in the past to $4,300 before settling to value of $4,276.This huge rise can be due to many reasons, like from concerns related to politics to the recent split of the crypto currency into two currencies, which are bitcoin core and Bitcoin Cash.
Bitcoin Cash was created as a result of a ‘civil war’ in Bitcoin, after a minority of bitcoin miners rejected the first part (SegWit) of a two-step software upgrade called SegWit2x , a proposal, which was adopted by the majority of bitcoin users, aimed at speeding up transactions on the bitcoin network.
Supporters of Bitcoin Cash believe that SegWit2x fails to satisfactorily address bitcoin’s scaling problem.
Bitcoin transactions are limited to 1-megabyte every 10 minutes - or seven transactions per second.
The Bitcoin Cash blockchain supports an 8-megabytes block size whereas SegWit moves transaction data outside of the block on a parallel track. The second step of the SegWit2x update due November aims to increase bitcoin’s block size to 2 MB by twice or double.
The major rise in the prices might lead to the market cap being marching towards $10000 soon.
While the prices are soaring high day by day it has also stated that it might be a trick to lure people more who are willing to invest in Bitcoins. But as for now Bitcoin is enjoying its share and leading the cryptocurrency market. The digital currency has led the market with its features of more profitable nature, peer to peer communication network etc. Lets see what the upcoming market prices leads to the fate of the cryptocurrency.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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