Bitcoin was trading at $6,499 at 8:30pm GMT on Friday, fixing a 17 percent drop from its record high two days ago, according to data compiled by industry website Coinmarketcap.
#Bitcoin hits record high of $7,888 after hard fork update suspended https://t.co/gwVNSU8wo8 pic.twitter.com/DTs35uqqfa
— RT (@RT_com) November 8, 2017
On Wednesday, the world’s most valued virtual currency touched $7,888 on news that a controversial software upgrade planned for next week was suspended. The change was to introduce a new code proposal, Segwit2x, which could create a competing cryptocurrency, Bitcoin2x.
As bitcoin plunged, Bitcoin Cash, a clone of the original that was generated from another split earlier this year, briefly surged as much as 35 percent on the day to around $850. The offshoot was trading at $772.32 at 12:36pm GMT.
#BitcoinGold: Bitcoin price dips after split creates new cryptocurrency https://t.co/WdkB8tFFm7 pic.twitter.com/Uvhf4rJzWm
— RT (@RT_com) October 25, 2017
Despite losing almost seven percent during this week, bitcoin is still up more than 600 percent so far this year. The current market cap of the digital currency is nearly $108 billion, about that of McDonald’s.
On Friday, the team behind the fork of the bitcoin blockchain announced the release of a formal software client download on their website. Starting on Sunday, miners and users will get access to processing Bitcoin Gold. “The BTG blockchain will officially be live, with blocks mined openly by users and pools from all around the world,” the developers say.
The wait is over we are proud to announce the launch date for Bitcoin Gold https://t.co/VCCLuEipr6 #1cpu1vote #BTG
— Bitcoin Gold [BTG] (@bitcoingold) November 9, 2017
The idea behind bitcoin gold is to decentralize mining operations, which are currently in the hands of large companies that can afford expensive processing chips. Bitcoin gold requires cheaper hardware to mine, and are therefore more available to the general public.