Bitcoin Climbs to Record High of $3,324

A twenty five bitcoinA twenty-five bitcoin. Photographer: Tomohiro Ohsumi

Bitcoin continued its rally to a record high, even after miners announced they would be splitting.

The cryptocurrency jumped 16 percent from Friday high to an unbelievable $3,324.95 on Sunday. The volatile digital currency which plunged below $2,000 for the first time this year in July has gained more than 45 percent in the last one month.

Bitcoin chart

While the virtual currency outlook remains uncertain, experts now believed the dominating cryptocurrency will continue to grow as the activation of segwit technology would further aid its value.

“The miner-orchestrated hard fork has had limited traction and will not impact the price or future development of bitcoin,” said Aurelien Menant, chief executive officer of Gatecoin Ltd., a cryptocurrency exchange in Hong Kong, referring to the split. “The activation of SegWit is a significant milestone in bitcoin’s technological evolution.”

“The scaling debate is not over yet,” Menant added. “The promised 2 MB block size increase due in November in accordance with the SegWit2x agreement may still be rejected by certain stakeholders.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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