It’s been a few weeks since Bitcoin hit an all time high surpassing $3000 mark and it continues to cast its magical spell as the price is still showing a steady upsurge. Lately, Bitcoin has attained yet another milestone as the BTC price broke all the previous records surpassing $4000 mark for the first time in history. However, the price still shows a high level of volatility. In the last 24 hours, 4.5 percent volatility has been recorded, so you can expect some rapid fluctuations in the price.
As of 11th August 2017, the Bitcoin was trading below $3800. In the next 24 hours, the price rose by a whopping sum of $200 and took it beyond the $4000 mark. Since then, the BTC price hasn’t shown any signs of decline. At the time of writing, the Bitcoin price is looming around $4350. However, the price has been quite volatile and it’s been through vigorous ups and downs. Despite all that, the BTC price has somehow sustained this growth.
The Reasons Behind This Upsurge
The Bitcoin had gone through a hard fork about two weeks ago but it didn’t have a major impact on the strength and sovereignty of the latter. Nevertheless, a new Bitcoin clone called Bitcoin Cash (BCH) was created in the aftermath of this hard fork but it didn’t affect the BTC price as it didn’t get much attention from the users and communities. Instead, it caused the BTC price to rise by leaps and bounds. A few days later, Bitcoin had another crucial upgrade as it finalized SegWit activation. The long awaited code modification aimed on fixing the malleability issues thereby freeing up unnecessary space. This in turn, allows more number of transactions to be stored in each block and improves the scalability of the network. SegWit arrived a few days after the hard fork.
Although it was quite unlikely to happen, these two code modifications could be the major driving factors that took the BTC price to unprecedented heights.
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