Cryptocurrency markets seem to be in a turmoil off late. The biggest one of them all, Bitcoin is the currency which has been under fire; first it was the much-discussed hard fork which was supposed to happen around November 16 to determine which form of the currency will be determined as the real one. This fork has since been called off. The issue relates to the size of the blocks in the blockchain where the digital currency is mined and queued up. Since one section of the miners increased the size of the blocks from 1MB to 2MB, it was expected that it will speed up the blockchain and reduce the lead time.
However, now, with the hard fork called off and the rival Bitcoin Cash rising in popularity, the prices of the main Bitcoin quoted in the trades in the market in the currency have dropped by over $1000 in just 2 days’ time.
But one must hasten to add here that the price of Bitcoin has been spiraling upward over the last few months beyond comprehension. There were eyebrows raised when the currency doubled from around $1200 to around $2500 a few months back.
But today it is ruling around the $7000 levels. The current news about the fall of $1000, from a price of $7888 to $6888 in a matter of 2 days has to be seen in this light, plus the development of the new version Bitcoin Cash.
Bitcoin Cash split from the main cryptocurrency on August 1 and its price has jumped by almost 35% to around $850 in a very short period.
The future of the digital currency may still lie with the owners of the currency and which form is more popular.