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    Bitcoin (BTC) Segregated Witness (SegWit) Transactions Hit An All-Time High At 64%

    • SegWit transactions hit an all-time high of over 64% of the total Bitcoin (BTC) transactions.
    • Transaction fees remain high despite the adoption of the SegWit addresses.
    • Bitcoin (BTC) maintains an equilibrium price around the key support level at $8,600 USD.

    According to data collected on SegWit Space, a crypto analytics website, the total number of Bitcoin transactions completed on SegWit hit an all-time high of 64.13% of the total network's transactions. Despite the spike in SegWit based transactions, the transaction fees have kept on rising, which raises doubts on the benefits of the soft fork.

    BTC-Transactions-SegWit
    Source: Segwit.Space

    In October 2019, the volume of transactions on the “Segregated Witness” soft fork soared to all-time highs of 61% as the price of Bitcoin (BTC) prepared for the mini-bull run witnessed at the end of the month.

    The spike in SegWit usage comes as top exchanges start to embrace the fork with BitMEX recently integrating SegWit transactions. Earlier in November, Bitfinex added SegWit withdrawals on its platform too. Binance CEO, Changpeng Zhao, alias CZ, also recently said the exchange is looking at possibilities to allow users to transact on SegWit.

    No significant change in transaction fees, BTC stable at $8,600

    SegWit is a soft fork that was implemented with a view of reducing the size of transactions making them faster and saving storage space. One advantage that SegWit proponents spoke of was the reduction of transaction fees on the blockchain given the low storage space. However, with this latest spike, no significant reductions in Tx fees have been witnessed yet.

    On the market, BTC remains stable around the $8,600 USD mark, representing a slight 0.23% increase from the BTC closing price on Monday.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$9,704.4424 change ~ -1.46%

    Coin Market Cap

    $176.85 Billion

    24 Hour Volume

    $6.84 Billion

    24 Hour VWAP

    $9.68 K

    24 Hour Change

    $-141.7231

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    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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