Bitcoin Surpasses $8,000 As Hard Fork Takes Precedence

Bitcoin prices surpassed $8,000 today, as anticipation surrounding the hard fork helped drive the digital currency’s price higher.

The cryptocurrency rose to as much as $8,004.59 on CoinMarketCap at 01:14 UTC.

At this price, Bitcoin prices have climbed more than 725% year-to-date (YTD), additional CoinMarketCap figures show.

The world’s largest digital currency by trading volume has broken through several key milestones this year, including $2,000, $3,000, $4,000 and more recently $8,000.

Hard Fork Anticipation

Market analysts have pointed to several variables when explaining Bitcoin’s sharp gains, but recently, the latest developments surrounding the SegWit2x hard fork hace drawn significant attention.

Charles Hayter, c0-founder and CEO of digital currency platform CryptoCompare, cited anticipation surrounding this event as a major factor driving Bitcoin prices higher.

This fork, which was designed to double the size of Bitcoin’s blocks from 1MB to 2MB, was originally called off earlier this month due to a lack of support, according to CoinDesk

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