The digital currency Bitcoin had achieved another landmark when it crossed the $8000 limit on Friday. The currency has also crossed Rs 5,90,000 mark in India. On Tuesday, the currency crossed an all-time high value of $8300. Here, it is quite surprising that the currency had encountered a slump on November 12. This was due to an announced update in Segwit 2X. Most of the experts thought that the update process error might cause undermining of the Bitcoin. But, the update has completed successfully and doubled the block size of the cryptocurrency.
According to CoinDesk, it traded at $8320 on Tuesday. This has raised the market cap of the currency to $138 billion and made it greater than 93% companies in American Business. The crypto experts are of the view that this boom in the value of Bitcoin is due to regulations being employed by various regulatory authorities across the globe.
There are three major reasons behind this increase in the value of cryptocurrency. The very first reason behind this increase in the value of Bitcoin is that Wall Street investors have also joined Bitcoin. They are looking more interested in companies that are entering the blockchain space but are managed by the public. The successful completion of off-chain atomic swap is the second reason behind this swell in the price of the Bitcoin. And finally, the software update of SegWit2X that has doubled the block size of the coin is also the reason behind this increase.
The experts are of the view that the currency will hit the five-figure valuation in the early months of the next year.