On some exchanges, Bitcoin recently hit a new high, were it was prived over $5000 USD per coin.
Many analysts thought Bitcoin would be closer to $10,000 USD by the end of the year, however, it still has a long way to go to reach those heights. As a result of the price hike in BTC, some of the altcoins have been reduced in price as investors hedge out of their alts. But was everyone knows all too well, the prices on the markets can change quickly, and some investors are trading their BTC for fiat while the price is higher than previous day’s trades.
Some analysts are also predicting another Fork in November for Bitcoin, which could distrupt the prices for Bitcoin, Bitcoin Cash, and all the respective markets.
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Menant told CNBC last week that bitcoin could get close to $6,000 by the end of the year, but short-term volatility could be ahead. That’s because earlier this year, bitcoin underwent a split or “fork” which created another cryptocurrency called bitcoin cash.
That split happened due to technical changes in the underlying technology behind bitcoin, known as the blockchain. But that change, which is currently being implemented, could be rejected by a large section of the bitcoin community, which could actually lead to another fork.
“The forthcoming bitcoin fork in November will result in greater volatility and risk for this new asset class,” Menant said.”