After the fork: Bitcoin now trading at R54 000

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How high can it go? That’s the question on everybody’s lips as the price of Bitcoin reached trading highs of $4 200 (~R56 000) at the weekend.

The jump in price is largely being attributed to the fork that happened a few weeks back.

All tolled, the price of Bitcoin has increased 300% in 2017 or as Fortune reports  – if you bought Bitcoin this time last year you would see returns of over 900%.

The Bitcoin fork implements SegWit2x which will theoretically increase the amount of transactions that can be processed. As Bitcoin has risen in popularity transactions have taken longer and longer, the fork hopes to decrease that delay by increasing the block size from 1MB up to 8MB.

While many feared that the fork would cause instability Bitcoin’s price remained relatively stable at $2 000 – $2 700 (~R26 800 – R36 000) in the weeks since the fork.

Coindesk reports that with this latest surge the combined market capitalisation of all cryptocurrencies  now sits at $137 billion.

It’s been a crazy year for Bitcoin and it doesn’t appear as if the price is going to come down anytime soon.

[Image – CC 0 Public Domain MichaelWuensch]

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.