Bitcoin Price Eyes New Highs Amid 90 Percent Plus SegWit Support
As SegWit support reaches 91% by some sources, Bitcoin’s price is creeping up on new all-time highs.
Bitcoin is targeting record highs as data suggests support for Segregated Witness (SegWit) could be as high as 91 percent.
According to CoinMarketCap’s Bitcoin price tracker, current conditions put the virtual currency at $1,277 at press time, extending an upward trend lasting since March. On some exchanges, it has been trading above $1,300 for the past week.
Its success comes as new information compiled by Coin Dance shows a huge overall majority for SegWit support among Bitcoin businesses.
Out of 146 tracked by the information portal, only nine said they were “explicitly opposed” to SegWit activation, with the remainder either “explicitly supporting,” neutral, unknown or “ready” to implement it.
Taking those opposed and neutral out of the equation, the already healthy 88 percent figure is increased further if Coin Dance’s “weighting” feature is enabled.
Weighting adjusts the figures to take into account that some businesses have a bigger effect - and voting power - than others.
In total, up to 91 percent of respondents may be in favor of SegWit, placing the solution far ahead of a used-activated soft fork (UASF) (16 percent explicit support) and Emergent Consensus (17 percent).
A further boon for Bitcoin may be coming from temporary optimism surrounding the US Securities and Exchange Commission’s review of its decision to block the Winklevoss Bitcoin ETF in March.
A petition submitted by the BATS exchange following the initial rejection is currently under consideration, along with the first-ever decision on whether or not to allow an Ethereum ETF.