November is seeing a lot of action in regard to cryptocurrency markets worldwide. The top cryptocurrencies combined now command a whopping $200B market capitalization, with bitcoin’s $121B market cap dominating by 60 percent. After bitcoin reached a peak at $9,200 per BTC, the decentralized currency dipped a touch and is now hovering just above $9,000. Bitcoin’s value has increased immensely over the past four weeks as the network prepares for the pending Segwit2x fork expected on or around November 16.
Speculators believe a lot of money is flowing into bitcoin so that traders can get in on the 1:1 split scenario that could take place during the fork. In addition to that, people think it’s possible that bitcoin is gaining a lot more mainstream acceptance. For instance, mainstream media covers the currency’s performance daily, and CME Group’s recent announcement concerning the launch of bitcoin-based futures may have had an impact. Whether it’s the fork or the talk of a mainstream tipping point, bitcoin proponents see a lot of demand for the cryptocurrency’s benefits and can’t ignore the 500 percent gains.