Bitcoin has added nearly a fifth to its value over the last five days, investors seem apathetic at the prospect of a difficult range in mid-November.
A hard fork is not likely to challenge bitcoin
There was a lot of talk about SegWit2x, or the next fork of the Bitcoin network. However, unlike the division that gave us Bitcoin Cash (BCH), market participants are not sweating the latest SegWit protocol for one simple reason: they do not believe that it will challenge the original bitcoin.
The BCH's experience has made investors all the more tired of hard forks. That's probably why Bitcoin Gold came into being with a sigh of the original blockchain network. Developers, investors and analysts seem rather unanimous that none of these protocols will significantly exceed Bitcoin.
The next fork of Bitcoin is scheduled for or around November 16th. Based on the prevailing sentiment among miners, investors will probably not have to worry about which of the two coins will be called the true bitcoin. In other words, there is no doubt about the range that is the minority channel.
Investors can expect an immediate spike in newly created assets, followed by a sharp decline and a prolonged period of instability. At least, that's what the last two ranges have achieved.
Like other forks, SegWit2x is pretty much the same thing that still divides the blockchain community: how to boost the network to activate more transactions. Bitcoin's ability to accommodate more transactions is not a trivial quest; it forms the basis for the general acceptance of the token as a legitimate form of payment. At current levels, the bitcoin transaction speed is not enough to consider it a viable payment method that can replace credit cards or debit transactions.
BTC / USD price levels
The latest Bitcoin rally has defied logic and goes beyond what the technical indicators have to say. BTC / USD hit a high of $ 6,905 on Thursday, which was enough for a new record. At press time, prices increased by more than $ 282 or 4.3% to $ 6,850.
In making the calculations, the current price level gives bitcoin a market capitalization of $ 115 billion.
Bitcoin Cash (BCH) also pushes higher, having gained 22% overnight to reach $ 550. This is the highest level since early September. With the gain, BCH is no again. 3 on the list of global market capitalizations.
The Altcoins miss the boat
The massive bullish trend of Bitcoin failed to resonate with the altcoin universe. Ethereum, Ripple, Litecoin, Dash, Neo and NEM are down at least 3.5%, according to CoinMarketCap.
Currently, unnamed bitcoin cryptocurrency (BTC) accounts for only 39% of total market capitalization.
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