The cryptocurrency, Bitcoin, has hit an all time high just above $8,000 this past weekend due to a software update which suspension has sent the volatile cryptocurrency into a huge boom.
The upgrade has been said that it could split bitcoin into two different versions, said by the website Coinbase which is the worlds biggest bitcoin transaction company that has works in approximately 32 different countries.
Quick Swing In Prices
The usual high volatility of Bitcoin has been on a crazy trend dropping to nearly $5,555 after Segwit2x was suspended, then climbing up 40 percent since last Sunday.
The cryptocurrency has gone all the way up to $7,997 in Asian trading on Bitstamp, an Luxemborg-based Bitstamp exchange system BTSP=BTC and then eventually plateauing around $7,850 at 11:15 GMT.
People who have been monitoring the market believe that the fork in currency is the cause of driving the bitcoin to historical limits. If the fork were to go ahead, bitcoin holders would be able to sell the split for a profit for whatever value the market were to place on it.
But on a post on the blogging platform, Medium, David Farmer, the communication director said that Coinbase did not think that the split would be successfully due to the lack of support that it would need to do so.
When people usual hear the word “fork” in recent times, the value jumps up since people feel like they will receive a free dividend. This is because there is usual a spike in demand for bitcoin compared to other cryptocurrencies that people may have held.
Bitcoin Trading Temporarily Suspended
The company has said that it has been monitoring Coinbase wallets actively and made sure that all funds that were stored in them were safe. Bitcoin trading was to be temporarily suspended on the trading website an hour before the fork which is around 14:00 and 16:00 GMT.
For the year, Bitcoin is up more than 750 percent and is on track to have its best week since last July.