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Bitcoin Surges Ahead of Potential Chain Split, Other Coins Drop

Bitcoin has experienced a rise in anticipation of a possible chain split in November, driving all other coins down.

Next month, Bitcoin is set to enact a 2mb block size increase via hard fork, dubbed Segwit2x. Despite a current 95% of the network hashrate signalling support for the update, it is nonetheless contentious, mostly due to is opposition from Bitcoin Core, which until now has developed all protocol upgrades. There is particular contention over the naming of each respective chain:

#SegWit2x is an upgrade to BTC and will use the BTC ticker. — Jeff Garzik (@jgarzik) October 8, 2017

The markets have responded by elevating Bitcoin with a nice price bump, up to $4,842 from $4,260 last week. The rest of the market took a sharp plunge over the last few days, quickly dropping from a combined value of $75 billion down to $70 billion, now up past $73 billion again. This has led to a rise in Bitcoin’s market dominance from 49% to 52% over the last week. Dash took a tumble from about $313 last week to a recent low of $272 on Monday, now up to $286.

Bitcoin grab in anticipation of “free money” round two from a chain split

The rise in demand for Bitcoin can be attributed to probability of an upcoming chain split, which would result in holders of Bitcoin receiving an equal number of tokens on the new chain, similar to what happened in August with the Bitcoin Cash split. Already, Bitfinex is selling futures for the two potential forks of Bitcoin:

First BTC / B2X futures market! Bitfinex will call the chain split tokens BT1 (legacy/core) and BT2. https://t.co/R6321ifPL0 pic.twitter.com/hjQUdkwXvx — Tuur Demeester (@TuurDemeester) October 5, 2017

“Free money” mania causing Bitcoin to rise ahead of no technological improvements has riled fans of other coins such as Ethereum for drawing market attention away from serious development.

Ethtraders angry bitcoiners getting "free money." Bitcoiners angry and fier...
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