The month of November has been fairly shaky for digital currencies, hence bringing in high volatility for Bitcoin and other coins. Following the decrease in value to roughly $5,500, bitcoin has quickly managed to regain its value, and even hit a new all-time high, hence surpassing the $8,000 threshold for the first time ever. At the moment of writing, the digital currency is trading at approximately $8,200.
On the 12th of November, the bitcoin price fell to around $5,500 after the SegWit2X hard fork plans were cancelled. The reasons behind this include general lack of consensus, supporters backing out, and bugs in the code. Following the failure of implementing SegWit2x, and splitting the bitcoin network into two separate coins, many of the SegWit believers decided to invest their money into Bitcoin Cash, thus causing a massive value spike for it.