What's been a reason for the Bitcoin’s sharp growth

10 november 2022

In recent years, the Bitcoin course has literally hit all records and continues to arouse intense social interest throughout the world. As early as 2017, the price for 1 BTC fluctuated within $950-1000, and then began to increase rapidly, each time surprising fans of online gambling and financial experts.

The real hit happened on November 17, when Bitcoin made a dramatic leap and reached a phenomenal mark of $8000 for the first time. This was confirmed by special tracking graphs on the exchanges of Bitfinex, CoinDesk and CoinMarketCap.
The staggering increase was short-lived though, and on the same day the cost of cryptocurrency went down to $7840. However, it is now about $9913.

"It is estimated that the price for one crypto coin has increased eightfold, and this is far from the being the final edge. In the current month alone, the rate rose by over 20%, and the capitalization of cryptocurrency on the market exceeds 230 billion dollars" - experts state. They find a few explanations in frequent fluctuations of the course:

  • Close control over investment funds, banks and financial regulatory bodies in different countries;
  • The upcoming December launch of Bitcoin Futures by the leading Chicago exchange CME Group;
  • Prohibition of ICO in China;
  • Sharp growth of unconfirmed transactions of high fee within the Bitcoin network.

The latter factor also triggered other changes. As it is known, the developers planned to hardfork the SegWit2X protocol last spring. Their purpose was to increase the size of the Bitcoin block from 1 to 2 MB to extend the network and expedite payment processing. On November, it was cancelled because of serious disagreements among the project participants. However, this did not prevent cryptocurrency from being modernized. In August, there was conducted a first fork of the original Bitcoin - Bitcoin Cash, and more recently Bitcoin Gold.

It is expected that both new digital currencies will become contingency options for unforeseen problems with classical BTC. They will also be more accessible to regular users due to increased speed of transactions and reduced commissions.

As far as forecasts are concerned, most crypto experts are confident that Bitcoin will soon be able to easily cross the elevation of $10000 for a single token. They also do not exclude the possibility of a significant promotion of the "forks" in the market and their successful growth against the original Bitcoin.


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Author: Matt Grant
iGaming business expert
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