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SegWit Activates, Congestion Remains, Bitcoin Price Still Advancing Regardless

August 25, 2017 at 20:59 by Daniel Green

SegWit has come to pass, and we are still no closer to solving the lingering congestion issues. The price of bitcoin has held up reasonably well despite it all, even though there are at present, 90,000 unconfirmed blockchain transactions, that are still pending.

After the $3,600 Tuesday weekly low, the original crypto currency has continued upward with the latest run-up. The yet to broken 4,480 all-time high is getting closer, and we might just be hours away from another new record high.

The median confirmation time is keeping to a stable range; while the global mining hash rate has dropped severely. However, the overall mempool size is still growing, even despite the huge queue of incomplete transfers.

There appears to be a degree of disbelief among prominent sources, more was expected from the full activation of SegWit.

Prior to the event, numerous articles were circulating, brimming with praise. In spite of this, $5,000 could still be possible, we may even go beyond that if circumstances are favorable enough. The congestion is in all likelihood, accelerating the existing trend and price momentum. Jimmy song has posted a telling article on the matter; recapping everything that has happened since January.

SEC has frozen the trading of a publicly listed bitcoin firm, First Bitcoin Capital. This is the second suspension as of August, the first being against the CIAO Group (now rebranded as NuMelo Technology), which trades on markets operated by the OTC Markets Group.

Kraken recently revealed a huge list of trading pairs slated for delisting, most notably both XBT/GBP and ETH/GBP sets, in addition to other XRP, EOS, XLM, GNO and REP pairings. Poloniex undertook something similar last May, when rather abruptly, 17 alternative crypto currencies were announced for removal.

The ethereum ice age could be upon us, a term used to define a failsafe that was implemented almost two years ago. It was put into place so as to ensure that a switch, from the currently functioning proof of work mining model, towards a new proof of stake protocol, would actually take place. The upcoming metropolis hard fork is lined up for late September, and will probably delay the difficulty bomb altogether.

ICO’s have primarily been hosted on the ethereum blockchain this year, as to whether there is a bubble in these markets, remains to be seen. A phrase that is appointed sometimes to define the concept is a “market for lemon’s”, which refer to a 1970s paper, written by the economist George Akerlof. Avtar Sehra has posted a more contemporary article, applying the concept to the ongoing ICO market mania.

Bitcoin began trading today at $4,202 (GMT 00:05), and has since the start of the day, advanced higher and higher with every step of the way. The daily might finish with a break above the current $4,480 all-time high. At the time of writing, the price of bitcoin was $4,340.47.

If you have any questions and comments on bitcoin today, use the form below to reply.

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