Investing.com – The rally in Bitcoin resumed on Wednesday amid reports the developers behind a software upgrade to speed up transactions on the bitcoin network are poised to announce a firm date for the upgrade later today.
On the U.S.-based Bitfinex exchange, bitcoin rose to $4314.0, up $242 or 5.94%, just shy of its all-time high of $4,430.9 achieved on Tuesday.
The developers behind Segwit2x – a software upgrade to increase the transaction capacity of the blockchain supporting bitcoin – expect the software upgrade to take effect in November this year, according to a draft post on a website related to the project.
"During the month of November 2017, approximately 90 days after the activation of Segregated Witnesses in the Bitcoin blockchain, a block between 1MB and 2MB in size will be generated by bitcoin miners in a move to increase network capacity.”
The rally in Bitcoin could come under pressure, however, as there is a possibility of yet another split in Bitcoin in November, when second phase SegWit is expected to be implemented.
Bitcoin Cash mirrored Bitcoin’s move higher, rising 1.17% to $303.50 while Ethereum, rose by 6.95% to $302.
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