Bitcoin has been growing at an unstoppable rate since the start of the year, with the latest surge coming just this Tuesday. Having risen 50% since the start of the month itself, the price hit $4,497.95 before slowing down.
The currency, which is known for taking investors on volatile rides pretty often, fell below the $4000 benchmark the same day. It is currently trading quite comfortably in the $4400 segment though things have a tendency to change fast.
The news comes as the Bitcoin network moves to a more modern approach to its scalability problem, which has worried skeptics for years. The latest series of updates are expected to give Bitcoin a more mainstream access, with faster transactions and more future-proofing.
They’ll see the blockchain size increase from 1 MB right now, to 2 MB, alongside the adoption of SegWit for gradual scaling of the network into the future.
The plans are not without opposition as was clear with the arrival of Bitcoin Cash, a new cryptocurrency born out of a “hard-fork” of the main network, utilizing a more forward-looking, radical approach for the network.
There are further plans to add security, too. Blockchain Inc. plans to add measures using satellite signals to allow trading of the currency in places where internet access isn’t available. The plan currently covers Europe, Asia and Africa and is expected to expand globally by the end of the year.
Bitcoin trading is also seeing a resurgence in markets other than China, including Japan and South Korea, further fueling its price and demand.
Bitcoin is currently facing competition from not only Bitcoin Cash but also other cryptocurrencies such as Ethereum, though, its growth is pretty much unmatched at this point. Both of those currencies trade at around $300, though, however in the case of Ethereum, volatility remains the same.