2017.11.1620:51:00UTC+00Bitcoin Reach Record Levels After Steep 29 Percent Plunge

Bitcoin reached another historic high, just a few days after the digital currency fell by as much as 29 percent, which tested the confidence of investors in the cryptocurrency.

After wiping off as much as $38 billion in market valuation on Monday after the scrapping of a software upgrade known as SegWit2X on November 8, the biggest digital currency bounced back to hit the most recent high.

While a number of reasons have been cited for the high volatility in the digital currency market, one of the most viable reasons is seen to be investors switching to bitcoin cash, an offshoot of bitcoin.

The surge in bitcoin this year stems from the rising mainstream acceptance of the digital currency as a financial instrument after CME Group Inc., the world's biggest exchange, said it would begin to offer bitcoin futures next month.