Bitcoin Price Explodes to $3,212 New All-Time High, Factors

Bitcoin price broke the $3,000 mark mostly due to optimism surrounding the activation of the Bitcoin Core development team’s transaction malleability fix and scaling solution Segregated Witness (SegWit).

The debate between the mining community and Bitcoin developers regarding the activation of SegWit has delayed scaling in Bitcoin for years. The first attempt to scale the network which was presented at the Hong Kong roundtable consensus event failed and it took over a full year since then for the Bitcoin industry, mining community and developers to come to a consensus to activate SegWit.

More importantly, the activation of SegWit marks the first major milestone in Bitcoin in terms of scaling, as Bitcoin has continuously operated within the 1 MB block size limit established by Bitcoin creator Satoshi Nakamoto upon its launch in 2009.