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Bitcoin price surprises markets yet again by reaching almost $6000 Friday, while its forks fail to keep up.
Bitcoin has posted further all-time highs of almost $5800 after climbing $1000 in 24 hours.
Beginning Thursday, a price surge gained momentum to take the Bitcoin BTC chain over $5000 for the second time in history.
When resistance came at $5200, prices remained above the significant boundary before continuing to new heights never before seen. BTC posted a new high of $5798 in the early hours of Friday.
At the same time, forks of Bitcoin, namely Bitcoin Cash (BCH) and SegWit2x futures, either failed to appreciate or dropped in value.
BCH, which debuted for Blockchain.info users Thursday, is worth only around 35 percent of what it was in August.
SegWit2x hedging, which is confined to Bitfinex, also disappointed users without downward trending, leading to an atmosphere of smugness among BTC proponents on social media.
The question on investors’ lips today, however, is naturally one of how long the BTC rally will last, and to what extent it will reverse.
$BTC Rally has been nuts. However, TA shows a hangover coming. Maybe it's about time to start accumulating cheap alts for the boom. $crypto pic.twitter.com/KEAWdeu4BO— The Wolf (@WolfOfPoloniex) October 13, 2017
$BTC Rally has been nuts. However, TA shows a hangover coming. Maybe it's about time to start accumulating cheap alts for the boom. $crypto pic.twitter.com/KEAWdeu4BO
Major rallies have traditionally been accompanied by downward corrections, albeit with each new high sparking a less severe correction than the previous one.
Suspicions are also rife that investors are stocking up on BTC prior to November’s two hard forks, in order to maximize free coins on every chain.
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