Bitcoin Crosses $2800 Line Again

Even two days before the much-dreaded scaling date, it surged up to $2900. Satoshi Nakamoto’s brainchild continues to demonstrate its resiliency impressively.

Exactly at 23:30 GMT+3, pioneer cryptocurrency Bitcoin price crossed the $2800 line once again for the 5th time in a period of a month. Recently it has been struggling to maintain $2800 range.

Even two days before the much-dreaded scaling date, it surged up to $2900. Satoshi Nakamoto’s brainchild continues to demonstrate its resiliency impressively.

With a market cap of over $45 Million, all fingers point to an ever strong currency with no sign of being weakened with all the acrimony that surrounded it in recent times. However, the ecosystem is signalling a new era.

Stability After Scaling

Contrary to the views of some people that a split of the Bitcoin network will compromise its strength, we are actually witnessing a different phenomenon. Even though it is too early to make a call, since August 1, the first ever cryptocurrency has been in an oasis of stability maintaining a composure in the $2700 range.

Cynics who predicted the beginning of the end for Bitcoin with the entry of Bitcoin Cash are now revising their notes. More stimulatingly, the fallout is very intriguing.

From all indications, those who left the community are still holding their Bitcoin judging from how the price has been stable. On the other hand, no one has been given the chance to sell Bitcoin Cash since Exchanges that listed the new crypto is yet to provide the avenue for selling.

However, after the astronomical rise of the big block version of Bitcoin nearly recording a price of more than $800 on some Exchanges, it has lost more than 50 percent of its value. As at the time of filing this report, it was being sold at $393.38.

Can Bitcoin Sustain It?

At the moment, all is going well for the trailblazer, Bitcoin. Nurturing the tempo and moving ahead will determine it is the one that gained from the split. But there is one move Core Media is monitoring, and it is going to be a pivotal benchmark for Bitcoin and its clone Bitcoin Cash.

If the Exchanges that have listed BCC allows selling that is when we will know its true strength. Many of those in the Bitcoin camp has threatened to dump the former and buy more of the latter.

It is against this backdrop that the coming days and weeks are going to be very interesting in Cryptoland. As usual, Core Media will follow the events closely and update our numerous cherished readers.