BOOM! Bitcoin Rockets To New All-Time High As Cryptocurrencies Surge Higher!
All eyes were on bitcoin on August 1st, as it underwent the biggest change it had undergone since its inception in 2009.
After years of debate, the issue of scalability resulted in a fracturing of bitcoin onto two separate paths, now called Bitcoin and Bitcoin Cash.
The usual cast of characters came out to warn that this was the death of bitcoin. And, as it always seems to do, bitcoin pushed on unscathed.
In fact, it was more than just unscathed. Just days after the fork it skyrocketed to new all-time highs.
On August 1st, bitcoin was trading at $2,735 and it hit a high so far today of $3,329 for a gain of 22% in the last few days.
And, that’s not including Bitcoin Cash which everyone who was holding bitcoin on August 1st also now has.
Bitcoin Cash has sold off the last few days and currently sits just over $200.
The two combined mean that anyone holding bitcoin on August 1st now has over $3,500 worth of bitcoin and Bitcoin Cash.
The entire cryptocurrency space skyrocketed today, with the exception of Bitcoin Cash.
The all-time high for market capitalization for the entire cryptocurrency space was $116 billion in June, and we currently sit just shy of that at $111 billion.
Those who have been following bitcoin for the last year know that bitcoin was hurt by its slowness to scale in the face of rapidly rising usage and it allowed many other cryptocurrencies which can handle larger volumes to gain on bitcoin’s dominance.
Bitcoin fell from 86% dominance in the crypto space to start the year to a low of 38% in June. But it has now begun to regain some of what it lost and rose about 50% just prior to the fork.
We’ll see if that continues now or not. And we’ll also see what kind of effect Bitcoin Cash has on the market in the coming weeks and months.
Believe it or not, this whole scaling issue still isn’t over and is expected to continue on at least until November.
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Seems like Bitcoin is now once again leading the way in the crypto bull market but that might change back again in a couple of months
LET'S GET IT!!!💯 💯 💯 💯 💯 💯 💯
Hehe
Next stop $10,000!
Bitcoin is KING
BCrash is living up to its name.
I'm glad people are selling Bitmain Centralized Coin and buying BTC. It shows a commitment towards the future, with the non-event of scaling nearly behind us, the future is very bright.
It also emphasizes that people attempting to railroad Bitcoin users into a predefined agenda will fail, again and again, when the dust settles. Even with a concerted transaction spamming campaign by Roger Ver and Jihan Wu, they didn't succeed.
All they did was make Bitcoin stronger. It must be a bitter pill to swallow for those that are trying to wrest control away from Bitcoin users.
Even with a substantial pull-back, (we tend to retrace after large round-number targets), we'll still be stronger and able to push back into the stratosphere.
You seem to be calling the winner before the horses have even entered the straight.
It'll reach 5k hopefully!!
Hope makes a poor trading companion.
If BCrash was a horse, I would've had it put down out of mercy.
Go ahead and buy with both hands, that's the beauty of a free market.
I'm not going to touch it because I'm aware of larger risks endemic to its formation and governance.
🤙🏼
🤙🏼
Majority rule, BITCOIN doesn't equal cash, it's better!
Big news came out as we are getting closer to option trades and tapping into stock markets with bitcoin. When it becomes successful expect bitcoin to be valued at $25,000 per coin + its going to be crazy!
when do you think that is?
your bang on
Precisely.
Institutional money is getting starved for yields due to extraordinary low interest rates on fixed-income, and lackluster equity performance compared to crypto.
They want in, and they're going to get in. Couple that with the fact that there are only ~4.5 Million BTC left to distribute, you have a potent mix.
After the wild ride Bitcoin has been on in the last few months, it was a joy to sit back yesterday and watch it hit new all-time high over and over again!
Great article btw!
Still new to crypto. Learning as much as I can about it.
The poem 'if' by Rudyard Kipling (1895) could have been written for us Crypto's.
The ups, downs, stresses, rewards, losses, gains, lessons learned, experience gained and the fun we have doing it. ; )
I agree! A very pertinent poem for the situation.
Good one, lets hope that the rumoured 3rd bitcoin wont be a reality , however if great for us, then ok