No target looks unachievable for Bitcoin. With a price increase from $5,732 on October 28th to $7,598 today, Bitcoin’s dominance has gone up to 61.7% in the entire cryptocurrency market, with a market cap of $122 billion. The traders and investors continue to be optimistic about the mid-term performance of the leading cryptocurrency.
One of the major factors behind Bitcoin’s unprecedented rally is the announcement from the world’s largest derivative operator, The CME Group, to list the Bitcoin futures by the end of this year.
There are rumors coming in from China suggesting that the country might be looking to allow trading within its territory, on stricter regulation. This could also be the reason why buyers are in control of Bitcoin price.
Some analysts have also suggested that this rally is mainly due to the upcoming Segwit2x hard fork. In order to get the equal number of Segwit2x coins, investors are buying more and more Bitcoin and even converting their alts to Bitcoin, which is part of the reason why we’re seeing the decline in altcoin market cap.
But if Jameson Lopp, a highly regarded Bitcoin developer and the lead engineer at BitGo, is to be believed, Bitcoin price is building momentum to get through the SegWit2x hard fork scheduled for November 16.
Lopp tweeted, “My theory: Bitcoin’s building up momentum to bust through the SegWit2X fork.”
That being said, the demand for Segwit2x cannot be dismissed because investors who support the hard fork would hold Bitcoin to obtain B2X. But, as developers and respected figures such as Lopp have noted, it is far more likely that the community’s confidence will remain in the original Bitcoin network. If buyers remain in control, Bitcoin could potentially test $8000 before November 16th.
Top stories from the Crypto World
1. Tezos founders sued for security fraud
A class-action lawsuit has been filed in a California state court against the organizers of the technology project Tezos, which in July raised $232 million in one of the largest initial coin offerings ever.
The suit is not the only one in the works. Other firms are also studying and preparing for potential lawsuits, including Florida-based firm Silver Miller.
2. Vitalik proposes a scaling solution for Ethereum
According to Vitalk’s new proposal, the scaling solution for the Ethereum will involve ‘sharding’. The concept of sharding would allow each node to store only a part of the complete network, while the nodes would be able to validate the network through the underlying mathematics and mutual communication.
However, the issue is that there is a risk of nodes sending other nodes false information, leaving Ethereum on the horns of a problem, but Ethereum’s creator believes that problem can be solved by splitting the network into different kind of shards.
The main shard would house the main Ethereum network and side shards which would be available for more aggressive types of experimentation.
3. Amazon buys three cryptocurrency-themed domain names
On October 31, Amazon registered three domains related to cryptocurrency, sparking speculation that Amazon may soon begin accepting cryptocurrency. The domains are amazonethereum.com, amazoncryptocurrency.com, and amazoncryptocurrencies.com. Amazon already owns the “amazonbitcoin.com” domain name.
However, Amazon Pay’s VP Patrick Gauthier stated that Amazon does not plan to accept cryptocurrency since there is little demand. If the retail giant do decide to accept any cryptocurrency, the entire market could be hugely lifted.