Bitcoin notably hit a record high around a week ago leaving some to wonder what the future of the coin will look like. On Saturday, October 21st, the coin hit yet another high, and briefly reached $6,194.88, bringing the market capitalization of the coin to over $100 billion.
There has yet to be a reason that can pinpoint why this stark price increase occurred, but some believe that it is facing its most challenging point right now. The cryptocurrency, that is around nine years old now is reaching a form that will project the rest of the coins future in the current moment.
One interesting piece of news comes as Bitcoin plans to split into two different blockchains once more on November 16th. Many are curious as they should be, to see what occurs with the new splitting of coins. Many are also worried at whether or not the split in currency will affect their earnings in a positive or negative way. If people decide to sell one end of the chain and buy the other, it will change the price drastically as well as vice versa. Knowing this, the split could either become a positive thing or a negative very quickly. This hopefully will not inspire fear as the date comes up, and cause the price once again to drop.
Looking at the price of Bitcoin Cash, the first chain to split apart from Bitcoin, the price jumped up to $900 and then quickly back down to $300. Because Bitcoin did not suffer that much from the split of the two, many believe that these hard forks in blockchain, are not ultimately that scary. The hopes are high that the split bitcoin will take on will end up well for the coins price, and ultimately those invested.