Bitcoin toppled over the the weekend falling as low as $5,800 while Bitcoin Cash rose as high as $2,800. For a minute it appeared as if the two might cross. Fast forward a few days and Bitcoin has return to over $7,000 reaching a high of $7424 in the last 12 hour session and currently holding over $7,300.
Falling Down
The dip had multiple causes.Bitcoin's lack of a scaling solution paired with it's increasingly high fees have it currently in a very vulnerable situation poised to fall to a successor.
To add to that an attack on the network over the weekend brought the blockchain to a crawl with nearly 200,000 transaction stuck due to over 50,000 transaction of nearly no fee in an apparent SPAM attack had many looking to other currencies such as Bitcoin Cash, Dash, and Ether for refuge.
Bitcoin Gold also went live.
Strength in History
Regardless, bitcoin has been around a long time. It's price is the result of many trials and tribulations resulting in a fairly reliable asset.Those with a strong stomach who frequently buy on the dip are rejoicing today having profit greatly from the activity.
However, invest with caution. Bitcoin's high fees and development turmoil are likely to cause it some grief if not remedied, so keep informed and pay attention to things as they develop to avoid loss.
In the end, it's likely that bitcoin will continue to increase in value and it's back on it's current trajectory now. Just be cognizant of the fact that it's current issues and forks of self-proclaimed "better" solutions could change that at any point in time. Case in point ... last weekend.
Get on it!
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