Bitcoin Did The New All-Time High Dance and there’s no end in sight.
As July ended and the User Activated Hard Fork (UAHF) came upon us, the total market capitalization of bitcoin and all altcoins dipped below $90 billion. Since then, the cryptocurrencies market cap recovered to reach a new high. Right now, the total cryptocurrency market cap is $120.8 billion.
Yesterday, Bitcoin’s price set a record and crushed it at $3,400. Bitcoin didn’t let the naysayers rain on its parade. Right now, BTC is at 3489.46 according to Coindesk. This is indeed an All Time High (ATH) with over $1.7B worth of BTC exchanged in the last 24 hours.
Finally the day is here. The great Bitcoin scaling debate is coming to a decisive moment in Bitcoin’s history. Later this evening at approximately 8PM GMT Segregated Witness (SegWit) is expected to activate. Less than 50% of the remaining blocks are needed to activate SegWit. The sentiment is that the steady upward movement in bitcoin’s prices is partially due to the forked coin, Bitcoin Cash (BCH – BCC) not having much of an impact in terms of stealing any significant market share from Bitcoin as well as the SegWit activation. Optimism is in the air from all camps.
If this train keeps going up the track, Bitcoin price journey will end up in a wonderful destination. Crushing it past $3, 500US is the number one priority for the time being, but it seems to be a matter of time until it happens. Altcoins are reaping the benefits from this price surge as well. Considering how the overall cryptocurrency market cap keeps growing, there is absolutely no reason for concern whatsoever.
Until next time…
Faith Sloan – CryptoQueenWiki