Bitcoin Hit All-Time High Again Before SegWit2x Hard Fork

1st November 2017, Bitcoin, once again hit the all-time high.  The world’s main cryptocurrency has a busy few weeks ahead because the Bitcoin Segwit2x fork will occur around 18th November 2017.

Bitcoin Hit All-Time High Again Before SegWit2x Hard Fork

Bitcoin Hit All-Time High Again Before SegWit2x Hard Fork

The digital market heavyweight continues to climb ever higher as investors look ahead to the final leg SegWit2x hard fork near mid-November. Bitcoin has been moving higher over much of the past week.

If you still remember during the Bitcoin Cash hard fork in August this year, Bitcoin price surged over $3,000 within a 24-hour period and fell to $1,900 and stabilized at around $2,500.

After everyone got their free coin, many of the investors sold their Bitcoin and bought back the cheap alt-coins.

Bitcoin Hit All-Time High Again Before SegWit2x Hard Fork

The one-megabyte limit has created a bottleneck in bitcoin, resulting in increased transaction fees and delayed the processing of transactions that cannot be fit into a block.

NYA (aka New York Agreement or aka SegWit2x) is a Bitcoin scaling solution that was signed and agreed to by a large number of miners, developers, and investors in Consensus 2017.

On 21 July 2017 bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, meaning that the controversial Segregated Witness upgrade was activated at block 477,120 with the associated block size increase to two megabytes occurring three months later in November as the final last leg. It is scheduled to go live from block height 494,784, which is some time around 18th of November 2017.

The major difference in the Segwit2x hard fork that sets it apart from many previous hard forks, such as the one for Bitcoin Cash in August is that many major bitcoin infrastructure providers including wallets and exchanges support this fork.

Further reading: Bitcoin Hard Fork Explained in Laymen’s Terms

In order to determine how much the community values the original bitcoin against the new Segwit2x coins, Bitfinex (the leading bitcoin exchange by USD volume), added a pair of futures tokens for trading that represent a futures market for both coins after the Segwit2x fork.

In this coming hard fork, the following exchanges will be supporting the Bitcoin SegWit2x:-

CEX.IO  Will honor Segwit2x balances as well as enable trading (announcement here).

Coinbase – Will honor Segwit2x balances as well as enable trading (announcements herehere, and here).

Coinnest –  Full Segwit2x support (announcement here).

Coinone – Planning on full Segwit2x support (announcement here).

GDAX – Will honor Segwit2x balances as well as enable trading (announcements herehere, and here).

Huobi Pro – Will honor Segwit2x balances as well as enable trading (announcement here).

OKCoin/OKEX – Will support Segwit2x (announcements here and here).

Bitcoin Hard Fork Explained in Laymen's Terms

Bitcoin Hard Fork Driving Prices High

Look at how Bitcoin reacts today before the SegWit2x, it seems to be repeating the trend. How far can Bitcoin go this time? Will it hit $7,500?

If we believe the history is going to be repeated, the run-up to the November’s hard fork should drive the price significantly higher. That simply means it will drag the value our of alt-coins down until everyone gets their free coins – B2X.

No one can be sure how Bitcoins price will be affected if the chain split occurs.

For long-term investment, if you believe strongly in Blockchain and cryptocurrency, the altcoins potentially are at the bottom. It could be the best time to pick up some cheaper ones when they are on sales. We think that many of the current cryptocurrencies are undervalued.

Regardless, make the decision based off what you’re willing to lose, not the potential upside. This is a very risky asset class.

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