Bitcoin values have skyrocketed over the past 24 hours, largely due to increased investor awareness and a calming after the fears of the August 1 fork. The price of Bitcoin has increased to over $3100, setting new all-time high levels and providing a strong base for support for future growth.
Fears are Gone
The market was, according to some analysts, somewhat undervalued because of the fork set to occur on August 1. There was talk among Bitcoin supporters that the fork would destroy the blockchain and could potentially stop all Bitcoin transactions. However, the fork did occur, with the creation of Bitcoin Cash (BCH), and the Bitcoin blockchain continued to chug along. Suddenly the fear of market collapse and the risks for investors were essentially eliminated.
Many in the market still worried about how the fork might have lasting effects on the overall value of Bitcoin, and if some investors and miners would shift focus to Bitcoin Cash, effectively crippling the Bitcoin system. However, as the week continued after the fork, it became painfully apparent that the Bitcoin system would continue, and that support for Bitcoin Cash, while present among a very small percentage of miners, was not a threat.
Bitcoin’s Massive Market Move
On Saturday, the value of the cryptocurrency surged upward over 10%, increasing already high levels for the year even more. The previous high of $2974 was destroyed by the jump, leaving a huge open-ended upsurge possible. Bitcoin continued to increase, and, as of press time, the values were above $3150, well into the $3000 plus range, and set to create a new point of support above $3000.
Reddit Loves It
The Reddit associated with Bitcoin were alight with comments, memes, and countless GIFs congratulating ‘HODLers’ for hanging on to their Bitcoin as the market seemed to sway. Sellers were cursing their luck, and many were calling for even higher levels in the future. One user pointed out that Bitcoin is now worth $1 for every day it has existed.
Whether the run has staying power or not, however, remains to be seen. Previous jumps have often been followed by equally drastic drops.