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Saturday, July 22, 2017

Traders and Investors are Coming Back to Bitcoin: Reasons and Trends

Traders and Investors are Coming Back to Bitcoin: Reasons and Trends

Traders and investors are coming back to Bitcoin due to the lock-in of BIP 91 and the high probability of Segregated WItness being activated in the near future.

Bitcoin’s dominance over the cryptocurrency market is closing on 50 percent, with the Bitcoin dominance index currently at 48 percent.

A month ago, when the Bitcoin scaling debate was being prolonged and the mining community pushed for the activation of SegWit2x without the BIP 91 activation mechanism, the dominance index of Bitcoin dropped to an all-time low at 37.47 percent.

The dominance index of Bitcoin dropped from nearly 60 percent to 37.47 percent in a period of a few months due to the certainty in Bitcoin scaling and the reluctance of miners to activate SegWit. As user-activated soft fork (UASF) and SegWit2x asserted pressure toward the mining community to avoid a chain split and scale the Bitcoin network securely and efficiently, the mining community including Bitmain, which previously revealed the possibility of an Aug. 1 hard fork, began to signal for BIP 91 and SegWit.

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Source: CoinTelegraph

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