Bitcoin Prices Break $7k And Hit New All Time High As SegWit Approaches

Bitcoin markets have been exploding this week with prices having jumped over 7% in the last 24 hours alone. Currently prices stand less than $200 away from breaking the all time high which was set at 11:19 UTC today reaching $7341. Currently prices are at $7103.18 as trading on Bitfinex hits well over $700 million in the past day.

As seen in graphs below the current growth has increased exponentially over the past day. Exchanges in Zimbabwe have reflected current growth on a larger scale as prices grew to a huge $12000 per bitcoin. As we reported previously the constraints on forex and instability of fiat options has driven increasing numbers of civilians into bitcoin markets.

bitcoin prices as segwit approaches

The segwit date is fast approaching but prices for the new token may be set to drop dramatically within the first week. As huge whales like Roger Ver stand to make well over $100 million in profit when digging his current addresses. Roger Ver has already revealed his anti segwit stance earlier this year at the Anarchopulco event, he joins a number of bitcoin investors doubting the success of the new technology. Ultimately the current bull run is set to continue till the 18th of November when the fork is set to take place. The current bubble has the potential to reach $8000 within 7 days considering trading volumes are in an excess of $4.5 Billion.

To conclude, while the segwit hardfork remains a huge profit making opportunity, fears are still rife the new Blockchain could see increased support. With over 80% of the current network supporting the new Blockchain including BTCC, F2Pool and even Antpool which currently contributes over 19% of the total hashing power for bitcoin. With the majority of Chinese business backing the Segwit2x chain, many bitcoin users are concerned with potential monopolies occurring as well as increased surveillance capabilities by the Chinese state on crypto users.

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Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.

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