BITCOIN’S RECORD RUN CONTINUES
Bitcoin has been on an absolute tear as of late, with prices adding a staggering $1,000 over the past five days en route to new record highs.
BTC/USD reached a session high of $6,905.19 on Thursday, giving the digital asset a total market cap of $114 trillion. There are more than 16.659 bitcoin tokens in circulation, a figure that will continue to rise until the total reaches 21 million sometime around 2140.
Prices were last seen trending around $6,860, having gained more than 17% over the past five days. As one might expect, the extent of the rally has pushed bitcoin into overbought territory on the Relative Strength Index (RSI).
The world’s biggest cryptocurrency by market cap will fork into two on or about 16 November. That’s when the new SegWit2x protocol will be initiated. Miners say the new coin is unlikely to overtake bitcoin. What it will do, however, is generate significant volatility in certain pockets of the market.
Bitcoin has forked on two separate occasions this year, leading to the creation of Bitcoin Cash (BCH) and Bitcoin Gold (BTG).