Bitcoin is starting break new records again. This morning Bitcoin surged beyond the $1 billion marker for total amount traded in U.S. dollars.
As visualized in the chart below, from the start of the month of July total Bitcoin trades (all buys and sells across all major exchanges) has been in the range of $200-$400 million per day. Then yesterday as the price exploded, so did the trading volume as it jumped up reaching a total of $1.12 billion being traded.
Price volatility is back, but the reason for the price spike could be because Bitcoin may have finally solved it’s scaling debate and miners have all signaled for BIP 91 which will activate Segregated Witness (SegWit).
More than likely, other factors are coming into play but investors and speculators love certainty and with an upcoming fork possibly being avoided (not 100% for sure just yet) this could have cause renewed confidence in the market.
Over the last day Bitcoin network activity has shown a huge jump all over the place, from the price to transactions to breaking through the 20-day SMA.
The forecast looks good as we head into August, where if SegWit doesn’t activate other events may take place such as UASF and UAHF.