Bitcoin Price Breaks $2,860

Bitcoin price has surpassed the $2,800 mark on July 22, as the market, investors and traders gained confidence in bitcoin and its ability to scale.Initially, the bitcoin mining community led by powerhouse mining pools such as Antpool pushed for the activation of Segwit2x, a solution which activates Segwit and executes a hard fork to increase the block size to 2 MB.

However, as the Bitcoin Core development team along with many analysts noted, the codebase of Segwit2x was not ready and untested until its deadline. Hence, as the last opportunity to avoid a chain split, the mining community agreed to activate BIP 91, a kludge-like solution between the original Segwit proposal BIP 141 and Segwit2x.