- 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.
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.