Connect with us

Bitcoin

SegWit-enabled transactions hit new highs as Bitcoin remains below $12,000

Published

on

Bitcoin’s rollercoaster movement has been the highlight of the cryptocurrency market, with several altcoins following the patterns set by the world’s largest digital asset. After Bitcoin fell back into a cycle of slow sideways movement, large-cap altcoins like Ethereum and XRP showed similar behavior on the charts, with minuscule changes in their price and market cap.

Apart from Bitcoin’s price, several other factors have also contributed to an overall growth in the Bitcoin ecosystem. These factors ranged from the BTC hash rate hitting its ATH, to a spike in the overall Bitcoin transaction volume. Latest reports further show that Bitcoin’s Segwit transactions also hit a high, encompassing 56 percent of all BTC transactions. This was also pointed out Jameson Lopp, Chief Technical Officer of satoshi.info, who tweeted,

“SegWit-enabled spends recently touched 56% of daily transactions despite some major services still not supporting it. If your wallet/exchange/ other service is still giving you deposit addresses that start with a “1” it’s time to ask them “when SegWit?”

Source: transactionfee.info

Source: transactionfee.info

Segwit-enabled transactions had begun spiking at around the same time as when Bitcoin’s price started picking up on the charts. This was during the 2-week rally when Bitcoin jumped in value substantially and started moving towards the $10,000 mark. The month of March was a major contributor in increasing the hold of Segwit transactions in the Bitcoin ecosystem, with 48.73 percent of all transactions involving Segwit-enabled movement.

A Segwit spending payment is a transaction that spends one or more SegWit outputs. SegWit’s dominance comes in the wake of information that stated Bitcoin transaction fees were the lowest ever when Bitcoin was above the $13,000 mark. During the great bull run of 2017, Bitcoin transaction fees was recorded to be $18, while the present average transaction fees is clocked at $1.30.

SegWit was also in the spotlight after BitMEX, a popular cryptocurrency exchange, admitted using the technology to reduce transaction fees. The collective voice of the crypto-community dissing the increasing fees forced BitMEX to look into the technology, with the company stating,

“It [SegWit] is bundled with some other backend upgrades to systems that will allow us to monitor many more addresses and rotate them more freely.”

Source.ambcrypto

Bitcoin

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

Published

on

Cryptocurrency Bitcoin (BTC/USD) is trading at 7991. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

As part of the Bitcoin exchange rate forecast, a test level of 8200 is expected. Where can we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 7260. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at 8420.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019

Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of ​​8540. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, one should expect acceleration of the fall of the cryptocurrency.

Bitcoin (BTC/USD) forecast and analysis on October 18, 2019 implies a test level of 8200. Further, it is expected to continue falling to the area below the level of 7260. The conservative area for selling Bitcoin is located area of 8420. Canceling the option of falling cryptocurrency will be a breakdown of the level of 8540. In this case, we can expect continuation growth.


News Source

Continue Reading

Bitcoin

Bitcoin re-enters $8,000-zone, but what is its upside potential? – Confluence Detector

Published

on

  • BTC/USD went up from $7,998.50 to $8,077.50 this Thursday.
  • The daily confluence detector shows two healthy resistance levels to overcome on the upside.

Following two straight bearish days, which took the price below the $8,000-zone, BTC/USD is on the course to recovery. Bitcoin had gone up from $7,998.50 to $8,077.50 this Thursday before it improved further to $8,087.40 this Friday. The hourly BTC/USD chart shows us that the market found intra-day resistance at $7,943.15 before it bounced up to $8,075. Since then, the price trended horizontally for a bit, negotiating with the $8,090 resistance line. The bulls managed to rally together to break past it and go up to $8,110, before correcting itself to $8,087.40.

BTC/USD daily confluence detector

fxsoriginal

The daily confluence detector has two healthy resistance levels at $8,190 and $8,260. $8,190 has the five-day Simple Moving Average (SMA 5) and one-week Fibonacci 61.8% retracement level. $8,260 has the SMA 100, one-day Pivot Point resistance two and one-day Bollinger Band middle curve.

On the downside, there is a support level of note at $8,065, which has the SMA 5, SMA 50, SMA 200, one-hour Bollinger band middle curve, one-day Fibonacci 38.2% retracement level and one-hour previous low.


  News Source

Continue Reading

Bitcoin

Bitcoin could become store of value, as institutional interest increases

Published

on

Institutional interest in Bitcoin has seen a significant rise in 2019, as several derivative financial products on top of Bitcoin have flooded the market. Active exposure of these investors to the digital asset realm has brought back the debate about whether Bitcoin is the new “store of value.” According to Grayscale’s managing director Michael Sonnenshein, there has been a certain shift in perception for sure.

Sonnenshein appeared on ‘The Scoop‘ recently to discuss the impact of institutional investor’s exposure to the digital asset class. The managing director of the firm believed that although Gold has been the standard store of value for centuries, and it made sense in the physical age, but given the rapid growth of the digital monetary age, Bitcoin for sure is challenging to become the new store of value. He explained,

“It is now nearly 2020 and we’re starting to ask investors with this question which is, what constitutes a store of value? It historically has been gold but that may have made more sense for a physical age. As we are in fully immersing ourselves now in this digital age perhaps gold doesn’t hold up as much as it once did as that store of value and perhaps investors need to think about a digital store of value such as Bitcoin.”

Institutional investors hold the key for Bitcoin and any other digital asset to gain mainstream adoption, and as of today they are more aware and learned about Bitcoin and its potential as an investment than ever before. More importantly, these investors are using Bitcoin as a hedge fund and store of value to diversify their investment portfolio as well as make quick capital gains on their investment.

The increasing interest of institutional investors is evident from the fact that GrayScale registered its highest gain in the last quarter with over $250 million raised from the investors, Binance has registered the highest daily volumes of over $700 million from its Binance futures platforms. Bakkt has launched its futures contracts recently while CME’s futures contracts year-to-date volumes have seen a significant rise over the past year.

Source:ambcrypto

Continue Reading