Friday, February 3, 2023

Bitcoin Tops $6,600 as People Buy In Ahead of SegWit2x Hard Fork

Bitcoin Tops $6,600 as People Buy In Ahead of SegWit2x Hard Fork

Bitcoin’s bullish trend in the previous month is now spilling into November as the price hit an all-time high today. BTC had an impressive October run, beginning the month under $5,000 and ending it over $6,600.

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Bitcoin Hits New Price High for Third Time in 3 Days

Bitcoin’s price has crossed the $6,600 mark for the first time ever, according to Bitsonline’s price index. Other charts also have Bitcoin hovering around this price as well, with CoinMarketCap listing it at about $ 6,697 USD at press time.

Bitsonline price index chart

Additionally, bitcoin’s market capitalization is now over $111.5 billion, with its price up over 17 percent for the week and up 4 percent for the day.

Other major cryptos, on the other hand, have generally been  on a downward trend in the past 24 hours. Others except Bitcoin Cash (BCC) that is, which has gained 18.2 percent in the past day. It’s now $521.

Ethereum, Dash, Ripple, and Litecoin are all down for today.

Users Begin Preparing for S2X Hard Fork

New price highs have become a common occurrence this past week, with BTC reaching one every day since October 29th.

Bitcoin CME FuturesA reason for this could be that people are beginning to prepare for the upcoming SegWit2x (S2X) hard fork, which has a decent chance of resulting in another split — that will again create yet another competing version of Bitcoin.

Just as with the Bitcoin Cash hard fork in August, users will have a chance to cash in on “free money” if and when the split occurs — given that they aren’t using a third party wallet like Coinbase, where users do not hold their own private keys.

It was also recently announced that exchange operator, CME Group, plans on launching bitcoin futures later in the year.

Furthermore, CME’s decision also caught the eye of the media — as many major outlets reported the story — bringing it to the attention of laymen at-large.

What do you think of Bitcoin’s long-term future? When, if ever, do you think it will hit the $10,000 mark? Let us hear your thoughts in the comments below.

Images Via CME Group, TCM World

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