The price of Bitcoin has surpassed US$455 in major Chinese exchanges including OKCoin and BTCC, recording a daily price growth of 6.3%.
At the time of writing, Bitcoin is being traded at US$454.9 on average.
On February 20, NewsBTC reported that the price of Bitcoin crossed the US$440 margin at all major Bitcoin exchanges as bitcoin experts and industry leaders predicted. Since then, Bitcoin has maintained a positive trend, reaching US$455 at 5:11 AM EST today, on February 21.
The price of Bitcoin is expected to sustain an upward trend with the recent announcement made from the Bitcoin Core team and the world’s largest mining firms regarding the block size debate. This morning, representatives from leading mining firms including AntPool, BitFury and Antpool announced that the Core Developers and industry leaders have finally reached a consensus to end the never-ending block size debate. By using Segregated Witness as the foundation, the Bitcoin Core team announced the development of a hard fork upon the launch of SegWit in April 2016.
The positive announcements from the Core team and the increasing demand from Chinese investors have contributed to the rising price of Bitcoin.
However, it is important to understand that Bitcoin has maintained its positive trend since late November. On November 21, Bitcoin was traded at around US$330 on average. Since then, the price of bitcoin surged for the next two months until the controversial “resignation” of Mike Hearn and his intended sabotage against the Bitcoin network. If the hearn controversy could have been avoided, the price could have potentially become subtantially higher than what it is today.
Considering that the price of Bitcoin has fully recovered from Hearn’s exit and it is approaching the US$500 margin, the predictable future for Bitcoin is definitely positive.
It is still difficult to speculate the thoughts of Bitcoin exchanges toward Bitcoin Classic’s 75% activation threshold and the concept of a hard fork for an immediate increase in block size. At this stage of Core and Segregated Witness’ development, it is almost positive that the majority of Chinese mining firms are in support for the Core chain. Thus, with Core’s clear vision and road map of the development of hard fork, the price will maintain its upward trend in the upcoming weeks.