Bitcoin (BTC) SegWit Adoption Back To Reaching All-Time Highs, Accounting For Nearly Half


Bitcoin Segwit Adoption Back To Reaching All-Time Highs While BTC Transaction Count Declines

Bitcoin Segwit adoption is yet again on the rise close to reaching the peak. In October last year, Segwit adoption reached its all-time high of nearing 51 percent. In mid-February, this year, it reached close to this peak at over 45 percent. On March 9th, it went even closer to about 47 percent.

Source: Woobull Charts

Crypto analyst, Willy Woo took to Twitter to share that this surge in Bitcoin segwit adoption has been due to VeriBlock as he explains,

“Now that VeriBlock is unloading off the Bitcoin chain, Segwit as a % of all transactions reverts back to reading near all-time highs, approx 47% right now.”

According to the self-published figures of VeriBlock, they were responsible for 25 to 45 percent of Bitcoin’s transaction count during its active testnet phase. The testnet of the project ended on March 4th which is not only driving the segwit adoption up but have also resulted in a dip in the Bitcoin transactions count that has fallen by about 21 percent.

Source: Blockchain.com

The newcomer that is aiming to secure alternative blockchains and improve the blockchain scalability, Veriblock uses bitcoin OP_RETURN transactions for adding security benefits.

According to digital asset research and analytics firm CoinMetrics,

“The recent collapse in BTC transaction count seems to correlate with the end of the Veriblock testnet (on March 4th) which was accounting for 20-30% of BTC transactions.”

Though, it does say, Venezuela blackout as we reported could also be responsible for some of this drop, “the Veriblock testnet ending correlates perfectly with the drop and would explain the entire decline.”

“To put it another way, to count (red) is just converging to the active address (blue) trend. They became decoupled in late 2018 when the Veriblock testnet began. The seasonality you see is Bitcoin's lower usage on the weekend.”

However, we could expect another dump incoming as the mainnet of the VeriBlock launches on March 15.

https://twitter.com/sthenc/status/1093726973702991872?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1093726973702991872&ref_url=https%3A%2F%2Fwww.newsbtc.com%2F2019%2F03%2F12%2Fbitcoin-transaction-volume-plummets-by-30-whats-causing-the-drop%2F

Bitcoin-Ethereum-Ripple-XRP-and-BCH-Price-Analysis-Todays-Coin-Price-Prediction-Forecasts

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.

1 comment

by Newest
by Best by Newest by Oldest
Bitcoin Exchange Guide