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Bullish Bitcoin Price run Pushes Value Toward US$4,000 and Beyond

by on August 12, 2017

Supporters of cryptocurrency will be pretty happy right now. The Bitcoin price has successfully surpassed US$3.850 for the first time in history. Nothing is keeping it from going over US$4,000 in the coming days. This has been a remarkable run for the world’s leading cryptocurrency. The lack of regulation isn’t hindering its growth in the slightest. Things look pretty solid as far as Bitcoin is concerned.

Anyone keeping an eye on the Bitcoin price lately will have noticed a spectacular trend. Just a few weeks ago, one BTC was valued at US$1.750 or less. Fast forward to today, and that price sits at US$3,880. Such a remarkable growth is unprecedented in the world of finance. There is no asset capable of yielding returns similar to Bitcoin right now. Even closest rival Ethereum is struggling to keep up the pace, although it is doing quite well in its own regard.

Bitcoin Price Keeps Going up Despite Challenges

Things have fallen into place for Bitcoin, to say the least. The split with Bitcoin Cash hasn’t caused any major network issues. Moreover, the network successfully locked in the activation of Segregated Witness. This scaling solution will address a transaction malleability bug first and foremost. It also solves the transaction throughput issue the network deals with right now. Plus, it paves the way for layer 2 solutions such as the Lightning Network.

It doesn’t happen all that often most mining pools are on the same page. The activation SegWit has been delayed by nearly a full year, after all. Then again, a consensus was struck thanks to the New York Agreement. That doesn’t mean all pools will follow the Bitcoin Core developments, though. There is a real chance we will see another network fork in November of 2017. Some people want SegWit activation and a block size increase. The vast majority of Core supporters rejects that idea.

Despite all of these power struggles, the Bitcoin price keeps going up. Over the past 24 hours, we have seen a 10.41% increase. We may even see the Bitcoin price surpass US$4,000 in the coming hours. Reaching that goal is only a matter of time, by the look of things. If that were to happen , a lot of people will be quite excited. No one can stop the Bitcoin price in its tracks right now, that much is certain.

Header image courtesy of Shutterstock

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