The well known digital currency Bitcoin, has hit a new all-time high, wading into uncharted territory as the value of the cryptocurrency breaks beyond $4,800 for the first time.
The record high to start the month of September follows up an remarkable August that saw bitcoin split in two and receive a fresh software upgrade.
On August 1, a fork in the cryptocurrency split it into Bitcoin cash and Bitcoin. Since that day, Bitcoin is up about 74% while bitcoin cash has double from its original print of $300 to $600.
But that wasn’t the main significant news in August. Developers ipresented a new software product called Segregated Witness, or SegWit. The Segregated Witness soft-fork (segwit) includes a wide range of features, many of which are highly technical.
SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.
Segregate means to separate, and Witnesses are the transaction signatures. Hence, Segregated Witness in short, means to separate transaction signatures.
(The concept of SegWit was formulated by Dr. Pieter Wuille.)
Following the implementation of SegWit, Arthur Hayes, CEO of BitMEX, a bitcoin derivative exchange, told Business Insider,
“With Segwit implemented, I believe $5,000 Bitcoin is within striking distance.”
But not everyone thinks its going to get there.
Earlier this month, head of technical strategy at Goldman Sachs, Sheba Jafari, wrote in a note to clients that bitcoin prices could surge above $4,827 before correcting, meaning, in her mind, it’s fully valued.
Bitcoin is up 390% this year.
Read Also:
-
Is This the Best Time to Get Into Crypto – Litecoin Surges to Record Price $65
-
Ethereum daily Forecast Aug 31 – Ether Upward Surge Continues – Prediction
-
Reasons Why Ripple took Market trading Domination to Hand and Catapulted
Image Source: CoinDesk – Source: businessinsider
