Investing.com –Bitcoin traded higher on Friday, after investors cheered data showing bitcoin miners continued to signal support for a software upgrade aimed at speeding up transactions on the bitcoin network.

On the U.S.-based GDAX exchange, Bitcoin rose to $2,784.2, up $222.9 or 8.70%.

News surfaced Thursday, showing that 100% of miners signalled support for software upgrade SegWit, easing concerns that Bitcoin would split into two currencies.

For SegWit to activate, at least 95% of miners are required to continue to support the software upgrade.

The upgrade to Bitcoin's network, is expected to activate in late August, providing miners with ample time to upgrade their software.

The rise in bitcoin comes a few days after an analyst warned that the digital currency faces a period of consolidation before attempting to break above its all-time high of $3,000.

"Anything above $3,000 will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691 (the latter being a preferred target as this assumes a new high.)," Jafari wrote.

Meanwhile, Ethereum, failed to mirror bitcoin’s move higher, falling to $192, down 3.92%.

To stay on top of the latest moves in the crypto-space, be sure to check out: https://www.investing.com/crypto/

Related Articles

Dollar languishes at 14-month lows after GDP miss

Forex - Dollar remains broadly weaker after U.S. data

Forex - USD/CAD re-approaches 2-year lows after U.S., Canadian data