Bitcoin regains momentum after $1,200 plunge.
Bitcoin (BTC/USD) regained momentum on Monday, as markets stabilized following the cancellation of a highly controversial hard fork called Segwit2x.
BTC/USD touched a session high of $6,617 on Monday, according to CoinDesk BPI. Prices were last seen trading at $6,610, having gained 1.4%. With current prices in effect, bitcoin’s market cap is valued at around $110 billion.
The Grayscale Bitcoin Investment Trust (GBTC), which provides publicly quoted securities solely invested in and deriving value from the price of BTC/USD, declined 2.6% on Monday to $857.00. The fund’s BTC holdings per share fell by 8.8% to $575.97.
Bitcoin suffered a large selloff last week as investors loaded up on Bitcoin Gold, a cryptocurrency that split from the original blockchain back in early August. The sharp divergence occurred after backers of the Segwit2x hard fork abandoned their mission, citing a lack of consensus on the new algorithm.
Segwit2x was scheduled to come into effect on or about November 16.
The global cryptocurrency market is valued at $206.5 billion, according to CoinmarketCap. The market peaked last week at around $213 billion.
The Final Word: Although bitcoin has avoided another chain split for now, scalability issues continue to divide the blockchain community. This is putting more pressure on the market to come up with solutions to make bitcoin a more attractive payment option. Bitcoin Gold, which forked from the main blockchain in October, is one such alternative.