Bitcoin prices hit a record high of $ 7,879 / BTC on Nov. 8, as investors expect the upgrade of SegWit2x software, scheduled for November 16, to help investors save money. transaction costs and increased transaction processing capabilities. However, Bitcoin fell below $ 7,000 / BTC on Nov. 10. Bitcoin has fallen 15% from nearly $ 6,500 / BTC to $ 5,577 / BTC before recovering to $ 6,400 / BTC.
Bitcoin has soared because developers have delayed upgrading the SegWit2x software because of fears of possible divisions within the Bitcoin community.
As planned, this software upgrade aims to reduce costs and speed up Bitcoin transaction processing to overcome the limitations of the Bicoin trading system in processing millions of Bitcoin transactions per day. Currently, this system has not met the growth rate of the Bitcoin market and can not handle transactions at a fast enough rate.