Bitcoin exceeds $8,000 mark

Image: INQUIRER.net stock photo

Cryptocurrency Bitcoin gradually rose to a market value of $8,200 over the weekend after around two weeks of lows.

Bitcoin value steadily went down sometime early November. From $7,000, the cryptocurrency went down as far as $5,800, according to the CoinDesk BitCoin Price Index.

This happened after a supposed hard fork called Segwit2X got cancelled. According to TechCrunch, those who were anticipating the fork pulled out their assets and redistributed them to other cryptocurrencies.

Image: CoinDesk BitCoin Price Index

Hard forks are when developers make changes to the cryptocurrency’s programming code, which would create certain incompatibilities in verifying transactions and record-keeping.

After Nov. 12, Bitcoin value gradually started rising again, until it reached its current ceiling.

As of this writing, Bitcoin sits at a market value of $8,201.12 (P416,379). Alfred Bayle/JB

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