26
Apr

Bitcoin goes up again

The price of the bitcoin underwent its second major escalation of the year on April 20 and has remained stable since then, around 450 dollars for bitcoin. Again the cryptocurrency achieved a market capitalization of $7 trillion.

One of the most relevant factors that seem to be contributing to this new peak of bitcoin is launching in the final version of Segregated Witness testnet. The publication of the code in the GitHub repository developer Bitcoin Core, Peter Wuille, took place on April 19.

Bitcoin goes up again

A few hours of publication, the start of climbing, which departed from 426 dollars by bitcoin, the current price at the time of drafting this note from 450 dollars/BTC was observed in Blockchain.info graphics. This leads to think that the publication of the code has been one of the fundamental variables to promote this new rise of the cryptocurrency in the market.

For nearly a year, the discussion of scalability has been one of the most controversial issues of the Bitcoin ecosystem. The difficulties to implement an effective response to this problem resulted in an atmosphere of despair among many players in the ecosystem, who began to believe unlikely an agreement among members of the community.

The fact that SegWit code has been published in the times set out in the road map of Bitcoin Core seems to have returned confidence to the community in the capacity of the cryptocurrency overcome their technical and political difficulties.

Mistrust in the possible resolution of the problem of scalability, as well as the saturation of the network twice led to many people moved to other criptomonedas Ethereum, for example to ensure the value of your money.

However, the recent fall of the prices of the criptodivisa Ether, leads to think that there are people returned again to Bitcoin thanks to progress in the resolution of the problem of the network.

Another of the reasons that have been put forward as a cause of this unexpected peak is the proximity of the Bitcoin Halving. The reduction by half of the reward to the mining will happen according to the calendar on July 11.

This will generate that production of coins is also reduced in half, reducing the supply while demand is growing, which will increase more and more the price of the cryptocurrency.

All these factors have resulted in Bitcoin reaches its highest point with respect to its market capitalization from 2014, again touching the border of the $ 7 trillion.