[2017-11-17] Bitcoin Hits Record Just Days After a 29% Plunge

[ivanpoldark]

Bitcoin has picked up right where it left off, hitting another record high to close in on $8,000 just days after a plunge of as much as 29 percent tested the confidence of advocates of the cryptocurrency.

Bitcoin climbed as much as 1.3 percent to touch a high of $7,994.56 for a fourth day of gains, bouncing back after erasing as much as $38 billion in market capitalization Monday following the cancellation of a technology upgrade known as SegWit2X on Nov. 8.

While multiple reasons have been cited for the price volatility, one of the more viable is that some investors were switching to alternative coins. Bitcoin cash, an offshoot of bitcoin that includes many of the technical upgrades being debated by developers, had more than doubled in the same period.



“My sense is that today’s rally is driven by a resurgence in interest and viability for the Segwit2x hard fork,” Spencer Bogart, head of research at Blockchain Capital, said in an email. “Despite the fact that it was called off, there is still some group of people that will follow through with the intended fork. As a result, I believe some capital is rotating out of other crypto-assets and into bitcoin to make sure they receive coins on both sides of the fork.”

Click here for an explanation of the technology behind the bitcoin and bitcoin cash fork.

The main difference between bitcoin and bitcoin cash is the block size -- the fundamental units that make up the blockchain at the heart of the cryptocurrency. Bitcoin cash offers a larger block that holds more data, meaning faster and cheaper transactions according to supporters of the new rival.

Those supporters view the size increase as the update bitcoin needed to become a better means of exchange to compete with payment services such as Visa or Master Card. Bitcoin handles about seven transactions a second, compared with around 2,000 for Visa.

This year’s surge comes as the digital currency starts to gain mainstream acceptance as a financial instrument after CME Group Inc., the world’s biggest exchange, said it would start bitcoin futures next month. Swiss structured products houses Vontobel AG and Leonteq Securities AGwill said Thursday they’ll offer separate products that will allow investors to profit if the price of bitcoin tumbles.

Source: https://www.bloomberg.com/news/articles/2017-11-16/bitcoin-hits-record-as-monday-s-29-plunge-fades-to-memory

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[Hateculd75]

bitcoin correct price fast and keep increase but i think BCH is really bump bitcoin price after down more than 1,000$ and back to 900$
The price of BCH will try to be a competitor to bitcoin by increasing and pumping more liquidity, but I do not think that it will exceed the dollar price soon.
BCH scammer making fees high so people find it is fear to buy BCH and buying bitcoin.

those dreams is useless and i am sure bitcoin will win

[CryptoBry]

It is a big Bitcoin revenge after some sluggish days due to the perceived attack from the people behind BCH. Now, it can be told that the war can be over for its first phase (that is if they are still planning to have the second round) and the winner is of course Bitcoin. Right now, BitCoinCash (BCH) is making big retreats in value though it is also resisting the breakdown. I am hoping that similar occurrence will not happen again in the future as it is very ugly and not working well for the whole cryptocurrency community and can scare new comers to be joining us.

[rjbtc2017]

Bitcoin's price is now dancing between $7500-7900. Investors are now coming back to Bitcoin, a lot of them panicked on the huge drop from Bitcoin and huge pump to BCH which is now reversed. BCH is now on downtrend movement and BTC is right now ( as i write this post ) is now @ $7.6K , CME Entering the scene really help Bitcoin to gain a lot of attention to mainstream Investors and non tech savvy Investors, There are a lot of more days before this year ends, a lot dump and pump will happen to different coins. I just hope bitcoin will jump on price as a Christmas and New Year Gift before this year ends.

[MoonJeina]

This was bound to happen and to be honest i was waiting for such event to occur . Bitcoin after the 29% down fall got so much attention and diversion that it was meant to happen . Bitcoin has always been like this , whenever an event try to degrade bitcoin it rises even more . With all the miners and investors going towards bitcoin cash they must have seen and learnt that bitcoin cash was of no use to them and they must have come back to bitcoin rising the price of bitcoin even more . Bitcoin is at the peak of $7884 right now , and it is soon going to hit $8000 . This is literally the golden era of bitcoin.

[stuartgh]

Wonder how significant the Segwit2x pause, and likely go-ahead, has had on BTC price going down and then up?

Here's what Coinbase is saying - https://blog.coinbase.com/bitcoin-segwit2x-update-b69a1c1e5ece

[Kemarit]

We know that it will all come to this. Bitcoin Cash has no traction and its just a matter of time before everyone will moved back to bitcoin ecosystem. And yes, it pick up where it left out at around $7500 and now the price is going to $8000. I'm definitely positive that it will test $8000 today or tomorrow and then we will see where its heading. The CME rumor has a great impact on the price plus investors and miners going back to bitcoin really push the price to this level. What could go wrong now?

[stuartgh]

We know that it will all come to this. Bitcoin Cash has no traction and its just a matter of time before everyone will moved back to bitcoin ecosystem. And yes, it pick up where it left out at around $7500 and now the price is going to $8000. I'm definitely positive that it will test $8000 today or tomorrow and then we will see where its heading. The CME rumor has a great impact on the price plus investors and miners going back to bitcoin really push the price to this level. What could go wrong now?