As of this Tuesday, October 3rd, the cryptocurrency was trading at a price of $4,333. The third quarter of this year has been the most active in the coin’s history with volatility being at an all-time high. The coin is up around 74% in the September quarter, but it has seen extreme bouts of price change in the past few months.
In the past week, Bitcoin faced a record amount of transaction times which occurred due to a high amount of congestion on the network. If the amount of data that is processed can be increased, which no one is sure yet how to do, the price could potentially rise.
This created what experts are calling a “fork” that split Bitcoin from just one coin to two. Bitcoin cash was created and shot up in value earlier this year. After this, an upgrade was made the network known as a SegWit2X, which helped to increase the transaction speed as a whole.
With Bitcoin’s market cap being around ten times the amount of bitcoin cash, the offspring of the large coin is trading at around $900 before dropping to about $402.
Another factor affecting the price is the asian market and its subsequent attempts to regulate the market. This occurred in China as they shut down several of the major cryptocurrency exchanges as well as banning initial coin offerings across the state. This prompted the price to drop during the month of September which was then quickly followed by a solid bounce back.
Hopefully the price of bitcoin and its affiliates can find some sort of equilibrium with the system around it to help it grow to its full potential.