Bitcoin broke through the $8,000 price mark on sunday morning, reaching an all-time high of $8,100, thumbing its nose at the growing chorus of doomsayers reacting to the financial industry’s rising interest in the cryptocurrency.
Sunday began with bitcoin trading at just under $7,800 and stuck under the ceiling for most of the day. At 17:15 (UTC), prices jumped above $7,900 in a 15-minute trading period. The swell turned to a spike which ended with bitcoin striking $8,100 at 18:15, a gain of over $300 in an hour.
As at the time of this blog post, bitcoin price was at the price of $7,983.41
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What could have been responsible for this sudden surge?
The recent volatility has been credited to the cancellation of SegWit2x, which caused some investors to move their holdings to altcoins, one sign being the near doubling in price of Bitcoin Cash.
This surge follows a near 29% plunge from the previous high of $7,562.47 on Nov. 5 to $5,650 on Nov. 12. This past week’s rally followed a $38 billion loss in market capitalization after the SegWit2x was canceled on Nov. 8
After starting the past week below the $6,000 mark on Nov. 13 at $5,937.82, the price rose and approached the $8,000 mark on Nov. 16, at which point it ebbed and flowed until today, Nov. 19 when it finally topped the $8,000 mark.
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