China decleared ICO's to be illegal,
South Korea went for the same and Bitcoin price lost 40% of its valuation within a week.
What happened now is that it has not only regained his lost wealth but also surpassed it?
Well its not happend but about to happen and the phenomenon is called as HARD FORK.
So what is hard fork??
As we all know that Bitcoin is a Cryptocurrency which is based on a technology called Blockchain.So when Bitcoin start broadcasting its block in another chain because of protocall upgrade, it will be said as Bitcoin has undergone Hardfork.
With Hardfork there will be new Cryptocurrency coming to life known as Bitcoin Gold.
Now this will be answring the question that How Bitcoin moved from 2.5 lakh to 4 lakh in just 1 month.
Everyone wants to invest in Bitcoin now so that they can get equal amount of Bitcoin gold at no investment.
Whenever hardfork happens and another currency is created out of main Chain new cryptocurrency is distributed to orignal parent coin holders in equal quantities.
So practicality its free money which everyone wants to earn and that is the reason when market is taking dip like anything Bitcoin value is skyrocketing.
Its happening at the cost of other altcoins.
So wots my opinion??
Well its differnt,in my view its better to not to invest much on bitcoin, however i have swapped some altoins to bitcoin but i have not purchased any new bitcoins. I think it better to invest in Altcoins who are in greater dip right now. There price will suerly appreciate after the Hardfork is over and people will again start investing in Cryptos. This will happen because those investors who has moved away after China and South Koreas announcement of banning ICO's will return with more enthusiasm and will push overall market up once again.
It wont be surprising if we see Bitcoin value crossing 5 lakh by end of November.