Bitcoin has enjoyed a rather expedient recovery after its latest
Interestingly enough, bitcoin cash enjoyed massive gains during the last breakdown of bitcoin’s market dominance. The BitFinex BCH/USD trading pair registered a new $521.21 November 8 weekly low (GMT 18:00), which practically coincided with the Bitstamp’s BTC/USD $7,888 November 8
Bitcoin confirmation times severely oscillated all the while this was happening, and we are now used to having ludicrously long queues numbering 100,000 unconfirmed transactions at any one time, something that only previously occurred in the course of peak usage. Median confirmation times are up as well, while the mempool load appears to be slowly deteriorating downward. Miners are now freely switching between both chains; a simple chart comparison of the contending hash rates, elegantly illustrates this interdependence.
People think Bitcoin’s mempool was spammed these last few days… Wrong. The mempool surge is from users rushing to send BTC to exchanges to panic-buy BCH, as evidenced by the waves of transactions PERFECTLY matching BCH’s price boom.https://t.co/aXGRxOEhVL pic.twitter.com/z0PRYPnotZ
— Crypto Liberty (@alejoGaviria) November 14, 2017
On a similar note, SegWit block signaling has severely broken down, although the actual dispersal of backing for the project started months before the
Statement from @blockchain on Segwit and BCash. What other big companies managed in 3 weeks, Blockchain will try to manage within 7 months of activation… Also “market demand for BCash” lol. There are so many crypto projects with more skilled and active devs and bigger community pic.twitter.com/whlblYuvmi
— WhalePanda (@WhalePanda) November 15, 2017
The jump above the $7,000 psychological level has also managed to stir up additional media attention. Two articles stood out among the crowded interwebs, the first was from Bloomberg, and covered trading activity on the Zimbabwe’s Golix exchange. The second was published by bitcoin.com, and was chiefly based around citing the thoughts of Alan Greenspan on bitcoin.
– Military seizes power and detained 93-year-old President Robert Mugabe
– Mugabe is now confined at his home
– Zimbabwe stocks fell the most in 2 months
– Bitcoin climbed as much as 10% to $13,499 on the country’s Golix exchangehttps://t.co/fyJuUZdmKv pic.twitter.com/nJU3hPysds
— Bloomberg (@business) November 15, 2017
Bitcoin entered into a conventional reversal from the $7,888
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