The bitcoin markets have exploded recently as October 24th had been the date set for the next blockchain hardfork. Seeing the development of the Segwit2x project to succeed where bitcoin cash failed, and deliver faster transaction speeds with higher number of transactions being packed into blocks, the token can easily rival Bitcoin’s own blockchain if given enough support from miners. Meanwhile, bitcoin markets have been quick to capitalize seeing a growth of over $1000 within 7 days.
As seen on the graph below the growth of markets has remained unhindered this week as while the start of the week saw prices coasting along at the $4435 point, the week has ended with prices exploding at the $5700 mark netting a huge profit for holders of the cryptocoin. The Segwit2x drama is under full swing as the hardfork will see another chain being created. Similar to the Bitcoins’ situation, you will be able to redeem your bitcoin for the tokens when the new blockchain is officially released. However as the original blockchain threatens and calls out the new Segwit project we may see the new blockchain plunged into chaos early on. Even exchanges’ such as BitMEX have already announced they will not be supporting the new cryptocurrency.
To conclude, the bitcoin price hype is likely to carry on till the Segwit drama and blockchain hardfork has finished,. Similar to the bull run experienced during the pervious fork, the current price jumps are being driven by the “free money” which may be on offer to users yet again. To holders of bitcoin the advice is clearly to hold on to your assets as prices are set to remain stable and grow till the 24th of October at least before the hardfork sets in. For new traders it is still advisable to purchase small increments of Bitcoin for margin trading or short term holding as prices are predicted to increase a further $100 within the next 72 hours according to current signals. NairaEX remains the best exchange in Nigeria fulfilling bitcoin purchases within a matter of hours !