One of the most trending topics of 2017 was the stories related to Bitcoin. This year we have witnessed frequent changes in the price of Bitcoin which is a rare case for any category of currency available throughout the global market. When the year had begun, the activities in the BTC-USD markets were almost static and uneventful. Due to lack of activities and transactions in the market, the price of an individual coin was in an approximate range less than $1000. However, within 11 months, in November 2017, the rate of transactions in the market was skyrocketing and had helped Bitcoin to fulfil an achievement which allowed them to hit a milestone. The price of each Bitcoin had spiked to a value of more than $10,000 in any exchange, throughout all the exchanges around the global market which included all the exchange markets online.
Surely, this year has turned out to be full of events for Bitcoin which helped it to attract our attention. It was not just because of the rising price for it but the stories which led to guide the market-leading cryptocurrency to attain premium heights in its value.
To begin with, there were events which included stories like threats related to hard fork and ‘Initial Fork Offerings’, for instance. During the first 6 months of 2017, we noticed events which showed us how Bitcoin Unlimited rose and made it place in the market, starting from nothing. It was the third protocol implementation which allowed alternatives and was designed in order to establish a limit to the level up to which a block could increase, using the aid of the hard fork. Around more than half of the blocks which were newly mined showed a signal where they required support and also signalled to bring out a change for this protocol because it was incompatible and this had to be done by a time within spring. The result of this stunt could have led to Bitcoin splitting into two different networks and also, splitting into two different currencies as a whole which could have led to a fall in its value.
Such events had never happened before in Bitcoin’s history and also many traders were considering it a high potential and possible threat to the currency. It was not ignored and also could not be taken as just a rumour because around 51% of proponents belonging to Bitcoin Unlimited were openly speculating about it which made every trader anxious because this could turn out to have a significant impact on the exchange market of Bitcoin.