Bitcoin prices have retraced back to figures seen during the markets previous all-time high. Seeing figures as high as $2956 the markets have rebounded from their some of their lowest figures this year which sat at $1900 just days ago on some exchanges. Signaling a reversal in market sentiment, the bullish trend has begun as confidence in the BIP91 Solution increases. The Bitcoin Improvement Proposal will tackle the long confirmation times and increased fees which many bitcoin users have encountered recently.
The BIP91 signaling nears 100% as nearly all the nodes in the network have become complaint. Currently with the figure standing over 90%, the signaling represents the networks support for the SegWit project to scale the network up. As we discussed previously, the chance for a separate blockchain developing was possible but would have largely been caused if there was lower support for the SegWit solution, but as seen below, with huge support for the proposal, the chances of a hard fork occurring are slimming by the day.
“Yet despite the stubbornness on both sides, it was ultimately in everyone’s interest to come to a resolution and strike a deal. Miners and users have now agreed on one method for creating the cryptocurrency and speeding up transactions.” Matthew Newton – eToro
To conclude, with the SegWit transition taking place smoothly, confidence in bitcoins future is slowly increasing. While concerns of two blockchains forming side by side after the event is completed do remain, people are becoming more confident by the proposals put forward by SegWit. With near 80% of nodes conforming with the SegWit software, most of the miners have also shown their support for the solution that will bring bitcoin into a new golden age, one where it can expand on a global scale without vastly increased transaction fees and transaction times.