Bitcoin soars to record as buyers look beyond miners' split

07.08.2017 / 20:54

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Bitcoin extended gains to a record as the cryptocurrencymakes strides in putting the scaling debate behind it.

The digital currency jumped as much as 21 percent to an unprecedented $3,423.37, even after bitcoin’s division last week. The debate has revolved around how to upgrade its underlying technology. Most of the bitcoin ecosystem supports a solution called SegWit2x, while those backing a different scaling mechanism called Bitcoin Cash split into a different blockchain last week.

At the heart of the dispute is an issue that has dogged bitcoin’s development: as its popularity grew, transactions slowed because of a cap on the amount of data processed by the blockchain. Under SegWit2x, some of that data will be moved off the main network while block sizes will be doubled to 2 megabytes in November -- a quarter of that for Bitcoin Cash. While the first step of SegWit2x has been locked in and the technology will probably be adopted at some point in August, infighting could disrupt the transition.

The price of Bitcoin Cash has plummeted 62 percent from a record high reached last week to $272, bolstering the appeal of its older cousin,CoinMarketCap data show.

Source: Bloomberg Pro Terminal

Jr Trader Ivan Ivanov

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Bitcoin soars to record as buyers look beyond miners' split

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