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Author Topic: [2018-01-25] Major Cryptocurrencies Recover as Bitcoin, Ethereum Surge in Value  (Read 23 times)
moriskarlov
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January 25, 2018, 10:13:13 AM
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With the exception of Ripple, which has demonstrated a poor performance throughout the past few weeks, major cryptocurrencies in the market including bitcoin, Ethereum, and Cardano have increased in value.



Within the past 24 hours, the price of bitcoin increased by 8 percent, Ether surged by 10 percent, and Cardano rose by 15 percent. While the price of the three cryptocurrencies have declined by a small margin in the past three hours, they have still recorded relatively large daily gains.

Bitcoin’s Popularity

During a major correction that occurred in early January, when the price of most cryptocurrencies plunged by more than 50 percent from their all-time highs, the popularity of bitcoin surged as investors moved to cryptocurrencies with lower volatility rates.

At the time, the dominance index of bitcoin rose to 38 percent, recovering from its all-time low at 32 percent. Over the past week, the dominance index of bitcoin has fallen from 38 percent to 34 percent, and the daily transaction volume of bitcoin has more than halved, from 490,000 transactions to 242,000 transactions.

The decline in the daily transaction volume of bitcoin has cleared the mempool and led to a significant reduction in fees. Widely utilized bitcoin wallets such as Blockchain have been recommending a fee of about 50 satoshis per byte, or $0.5, for median-size transactions. Lower fees increase the accessibility of bitcoin for newcomers and casual users, especially to users that utilize bitcoin for small payments.

Evidently, the recent decline in the transaction fee of bitcoin was triggered by the drop in the daily trading volume, not due to a specific scaling solution, given that major bitcoin companies are yet to adopt Segregated Witness (SegWit) and implement transaction batching technologies.

As such, when the price of bitcoin increases again and its daily trading volume rises, fees will inevitably go up again. The high fees of bitcoin prevent newcomers and casual users from seamlessly transacting and settling payments.

High fees will likely have an impact on the price of bitcoin in the short-term, if the market recovers again. Innovative scaling solutions and swift implementation of SegWit by bitcoin firms are urgently needed to ensure bitcoin can recover to its previous highs.

More info:  https://www.ccn.com/major-cryptocurrencies-recover-bitcoin-ethereum-cardano-surge-value/
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January 25, 2018, 12:01:48 PM
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With the exception of Ripple, which has demonstrated a poor performance throughout the past few weeks, major cryptocurrencies in the market including bitcoin, Ethereum, and Cardano have increased in value.



Within the past 24 hours, the price of bitcoin increased by 8 percent, Ether surged by 10 percent, and Cardano rose by 15 percent. While the price of the three cryptocurrencies have declined by a small margin in the past three hours, they have still recorded relatively large daily gains.

Bitcoin’s Popularity

During a major correction that occurred in early January, when the price of most cryptocurrencies plunged by more than 50 percent from their all-time highs, the popularity of bitcoin surged as investors moved to cryptocurrencies with lower volatility rates.

At the time, the dominance index of bitcoin rose to 38 percent, recovering from its all-time low at 32 percent. Over the past week, the dominance index of bitcoin has fallen from 38 percent to 34 percent, and the daily transaction volume of bitcoin has more than halved, from 490,000 transactions to 242,000 transactions.

The decline in the daily transaction volume of bitcoin has cleared the mempool and led to a significant reduction in fees. Widely utilized bitcoin wallets such as Blockchain have been recommending a fee of about 50 satoshis per byte, or $0.5, for median-size transactions. Lower fees increase the accessibility of bitcoin for newcomers and casual users, especially to users that utilize bitcoin for small payments.

~

I wouldn't risk to pay 50 satoshis per byte these days. The fastest and cheapest transaction fee is 240 satoshis/byte currently and thus paying 50 satoshis/byte you risk to be to be stuck in uncertainty for a couple of days. I recommend to pay at least 100 satoshis/byte, or around $2.5 for the median size transaction.

Besides, a fee of about 50 satoshis per byte is not  $0.5 for a median size transaction which is 226 bytes. It will be for sure over $1.

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January 25, 2018, 12:16:29 PM
 #3

It looks like this article author is recommending Segwit as the only solution for all btc transaction issues. Grin
I`m pretty sure that he never used bitcoin or any other cryptocurrency.This news article is intended only for investors and speculators,who care only about charts,prices,markets and profits.It doesn`t look like a high quality in-depth analysis.The decline in the daily transactions volume can be explained with other factors,like reduced panic selling and the begininng of the new tax year.


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