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Bitcoin price rally continues, $5000 in sight

Hot on the heels of a strong weekend, the Bitcoin price (BTC/USD) extended its gains on Monday, reaching its highest level since early September.

According to data from Coinmarketcap, the world’s largest cryptocurrency yesterday hit an intraday high of $4,878.71, before closing the session at $4,772. Bitcoin was last seen at these levels on September 2, before the news about China’s crackdown on initial coin offerings.

Meanwhile, most other major cryptocurrencies have suffered losses over the past 24 hours, which has allowed Bitcoin dominance to surpass 50% for the first time since May.

"There has been a rotation of money out of the lower-quality names and into bitcoin," Ronnie Moas, founder of Standpoint Research, said, as quoted by CNBC. He added that people were speculating that “bitcoin will rally following the upcoming fork as it did following the August 1 fork” into Bitcoin and Bitcoin Cash.

SegWit

Nolan Bauerle, director of research at CoinDesk, told CNBC that “a positive key price indicator for bitcoin and has got traders bullish”. Bauerle also attributed Bitcoin’s gains to the growing adoption of the SegWit scaling upgrade.

A yesterday report by Cryptocoinsnews cited Bitcoin investor and Atlanta Digital Currency Fund partner Alistair Milne, according to whom, some 10% of all Bitcoin transactions are already SegWit-enabled and about 10% of Bitcoin users have started to experience significant decrease in fees.

Many service providers have yet to adopt the upgrade, including some of the largest Bitcoin wallets such as Bockchain and Coinbase.

SegWit2x

The SegWit upgrade was activated in August, as part of a two-stage scaling proposal called the SegWit2x. The second part of the plan involves a twofold increase of the Bitcoin block s...

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