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New $7,888 Bitcoin All-Time High, SegWit2x Done, and the ETC Summit

November 8, 2017 at 23:32 by Daniel Green

Price action was all over the place today, especially once the latest news on SegWit2X hit social media far and wide. Bitcoin fell shy of $8,000, and this was rather unexpected, considering how quickly the buy-orders started flooding in right after the announcement. The new all-time high now sits at $7,888, and it is the latest resistance to watch over in the coming days. Hourly volume was relatively stable until the run-up, and I do not remember the last time bitcoin and altcoin markets were this ambiguous.

Plans for the SegWit2X bitcoin fork have been suspended indefinitely, and traders are scrambling to adapt to the new circumstances. Notable upswings are taking place among many of the top alternative crypto currencies. As a consequence, additional time may be needed before a new equilibrium establishes amidst high profile trading pairs.

Ethereum classic was price-wise somewhat of an exception to the SegWit2X announcements, but we did bear witness to a much stronger price surge almost a week ago. The crypto currency is commonly treated as an alternative to ethereum, and the long awaited advance began from the $9.705 weekly low on November 2 (GMT 11:00), and concluded with the $15.2 weekly high on November 6 (GMT 11:00), in what amounted to 4 full days of very intense and volatile trading. The charge occurred ahead of the ETC summit, which is scheduled to happen in Hong Kong between November 13 and November 14.

Ethereum was not that far behind, and despite gravitating toward a price point of $300 throughout the last few months, it managed to once more, breakout further to a new $319.9 weekly high. A day earlier we had the parity hack, when due to negligence and lackluster coding, approximately 1 million ETH held by users of the aforementioned wallet, was frozen out of the market. Strangely enough, the parity wallet blunder did not impact trading that much, nor did it serve as an effective catalyst, even though the whole affair was universally panned across the board.

CME futures are now being cited as a back-up event for future rallying, although it still remains to be seen if this sort of thinking, can actually bring about a more lasting impact on the community as a whole.

Bitcoin began trading from the $6,340.01 weekly low on November 1 (GMT 04:00). The next week was followed by 5 new all-time highs, all recorded in the following consecutive order: $7,350 on November 2 (GMT 11:00), $7,499 on November 3 (GMT 09:00), $7.570 on November 4 (GMT 19:00), $7.588.73 on November 5 (GMT 13:00), and finally today’s $7,888 all-time high. The last high did not endure, and we ended up securing a new daily low at $7,079 (GMT 18:00). The price was holding above $7,390.99 at the time of writing.

If you have any questions and comments on bitcoin today, use the form below to reply.

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