Bitcoin surges, poise for monthly gain, ahead of Tuesday’s crucial verdict

Dow Jone

Bitcoin price ended the month July on a high note as it traded higher on Monday, erasing previous major losses, before the highly-anticipated decision of the core developer and miners regarding the fate of the cryptocurrency.

Off to a strong start this week, the digital currency chipped in 5% gain, which means a single bitcoin is now worth $2 882.32 based on the Coindesk, a leading research and data site.

Bitcoin has been on ups and downs earlier this month and even experienced a sharp 21% decline in a couple of days due to a bout of volatility in the market.

Last June, the cryptocurrency has touched its all-time high above the $3000 level. Despite experiencing a seesaw encounter this month, Bitcoin still managed to earn 15% monthly gain and a 180% climb so far this year.

The digital currency has been hitting the headline lately because of the civil war between its developers and miners on whether it should be split into two featured currencies – the bitcoin and the bitcoin cash.

Developers have also stood firm with their idea of limiting the size of bitcoin’s network in its original 1 megabyte per block while miners have expressed their desire to increase its block to achieve better network speed.

While there is a feud ongoing, investors remained optimistic about the final decision on Tuesday and are expecting a smooth transition once the software is activated.

Bitcoin’s market capitalization jumped from $42 million to $47.6 million to make up more than half of the market cap of the entire cryptocurrencies.

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