Category Archives: Casa

Auto Added by WPeMatico

24-Hour $10 Billion Surge In Crypto Market Promotes Bullish Analysis

24-Hour  Billion Surge In Crypto Market Promotes Bullish Analysis

The cryptocurrency market has taken a huge bounce since Friday in a 24-hour surge across the board with Litecoin being a real mover – up 30 percent, adding more than half a billion dollars to its valuation.

With crypto’s hallmark icon, Bitcoin, also up 8 percent over the same period, analysts are suggesting this may be the long-awaited bull run many pundits and exchanges have been expecting.

Transaction volume is on the rise, so to some, this is payback. Bitcoin’s transaction volume is on its way to new levels, now touching rates unseen since the period following Bitcoin’s all-time high price at the end of 2017. One bitcoin analyst has his own reading of the current situation; Bitcoin key security firm Casa’s Jameson Lopp suggested:

“A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect.”

This effect may now be creating a momentum after a lengthy period of cryptocurrency price stagnation. Another crypto analyst Luke Martin had suggested that any breakout above the USD 3,480 resistance level could allow the asset to recover beyond key resistance levels, “crossing above previous support at USD 3,430 or breakout of USD 3,480 would be exciting + probably lead to bigger jumps on alternative cryptocurrencies.”

Now that the “bigger jump” has turned into a reality, what’s left of the remaining Bitcoin speculations around?  As Bitcoin News revealed yesterday, there have been positive vibes coming from the SEC recently over the much-discussed ETFs which are hailed as one of the main potential drivers for the Bitcoin market looking ahead.  SEC Commissioner Robert J Jackson Jr, whose comments to the Congressional Quarterly (CQ) were due to be published on 11 February 2019, but have since been leaked and have given rise to further optimism. He suggested:

“A fund based on Bitcoin will eventually pass muster at the Securities and Exchange Commission despite that agency’s actions to deny all previous efforts.”

It now remains to be seen if this is the beginning of something significant and if the market can hold these gains in the light of general optimism.

 

Follow BitcoinNews.com on Twitter: @BitcoinNewsCom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post 24-Hour $10 Billion Surge In Crypto Market Promotes Bullish Analysis appeared first on BitcoinNews.com.

Bitcoin Transaction Performance Climbing Past January 2018 Levels

Bitcoin Transaction Performance Climbing Past January 2018 Levels

Bitcoin’s transaction volume is on its way to new levels, now touching rates unseen since the period following Bitcoin price’s all-time high at the end of 2017.

According to Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa, “the system is improving and growing”. Data from transactionfee.info verifies that the Bitcoin is now reaching the highest volume levels since January 2018. Lopp has just published his own analysis of Bitcoin’s recent performance in which he writes:

A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect. There’s also a new highly performant miner relay network.”

Lopp sees the combination of lower transaction demand, coupled with improved fee algorithms, along with adoption of segregated witness (SegWit), and transaction batching, resulting in far more efficient use of block space. In 2018, the percentage of BTC transactions spending SegWit inputs increased from 10% to 40% according to Lopp, who added that “the average BTC transaction size found its peak at 750 bytes in February before falling to 450 in the fourth quarter of 2018”.

Casa’s tech officer points out that this year, the market dominance of BTC returned to over 50%, after falling to 32.5%, concluding:

“The number of reachable nodes didn’t fall much in comparison to the exchange rate — my suspicion is that people who run these nodes are highly dedicated to Bitcoin and/or using them for economic purposes, thus they are unlikely to turn off the node due to exchange rate volatility.”

 

Follow BitcoinNews.com on Twitter: @bitcoinnewscom

Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Want to advertise or get published on BitcoinNews.com? – View our Media Kit PDF here.

Image Courtesy: Pixabay

The post Bitcoin Transaction Performance Climbing Past January 2018 Levels appeared first on BitcoinNews.com.