Right after losing around a third of its value in the last three days, Bitcoin shook off its losing streak and went up 14%, reaching $6,718 last Monday.
It is still, however, far from its record high of $7,888 last Wednesday. A number of analysts have said that the slide may have been caused by the abandonment of the software upgrade called “Segwit2x” that was meant to increase the capacity of “blocks” in which transactions are processed.
Bigger “blocks” result in reduced competition and lower transaction fees, and other observers have noted that some investors might be selling off Bitcoin for its clone, Bitcoin Cash, which was created from the original software upgrade last August. Bitcoin Cash, which had already tripled in value a few days ago, have lower transaction fees due to its use of bigger blocks.