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Bitcoin adds $41 billion to market cap .....As it Rallies to $7,998

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Bitcoin hit a new record high Friday, coming within $2 of $8,000.

There is still a possibility of a SegWit2X fork that will lead to a new currency.

The cryptocurrency touched an all-time high of $7,998.40 in the early hours OF friday. The digital currency erased the days gains to trade slightly lower near $7,632 late Friday afternoon.

It's been a wild week for bitcoin, which sold off heavily last weekend, falling to around $5,500. Since Sunday, the cryptocurrency has risen from that low to Friday's high, marking a 45 percent increase.

In that time, bitcoin's market capitalization, or the total value of the digital coins in circulation, has risen from $92 billion to $133.5 billion, according to Coinmarketcap.com.

The price dip last weekend came after an upgrade to the bitcoin network, SegWit2x, which was planned for November 16, was called off. The aim was to increase the transaction speeds of SegWit2x, which has increasingly slowed down over the years. If the upgrade took place, it would have caused what is known as a "hard fork," causing a new bitcoin spin-off to be formed.

A previous fork have already happened earlier this year, leading to the creation of bitcoin cash 

But support for the Segwit2x upgrade waned, causing developers to call off its planned implementation.  However a couple of miners are still supporting the hard fork

A miner is a key part of the bitcoin network. It is a person who runs a "node", or a high-powered computer that is able to solve the complex mathematical equitation required to verify bitcoin transactions.

If a large number of miners upgrade the software on their nodes, it could cause a fork. Farmer warned that this small number of miners still supporting the Segwit2x proposal could cause a fork.

If a fork happens, holders of bitcoin will receive the newly-created cryptocurrency called "bitcoin2x" for free, essentially giving them free money. That is why bitcoin rallied Friday.


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