Investing.com – The recovery in Bitcoin and Ethereum continued Tuesday, as investor demand remained elevated amid growing expectation that a key proposal aimed at helping bitcoin scale more efficiently will garner enough support, avoiding a potential split in bitcoin.
On the U.S.-based GDAX exchange, BTC/USD rose to $2,328.5, up $182.9 or 8.53%.
Investor fears of a potential split in bitcoin currency eased, after news broke that several of the largest Bitcoin miners, including AntPool, BitClub, Bixin, BTC.com and BitFury, representing roughly 43% of bitcoin’s mining power, signalled their support for the scaling proposal Segwit2x, which enables the bitcoin network to scale more efficiently.
The period for live adoption of segwit2x was scheduled for July 21, however, the influx of bitcoin miners showing their support for the proposal well ahead of time lifted sentiment.
Ethereum continued its recovery, rising to $207.72m up 20.36% after suffering a more than 20% dip on Sunday, on the back of profit-taking and worries that Bitcoin could split.
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