The Bitcoin bull run
Today has been a great day for Bitcoin, and we saw the price rally more than $300, from $2400 up to the high $2700's. But what was behind this price run, and how did it affect the Bitcoin network?
The Price
The recent price move could most likely be attributed to the Bitcoin miners coming to a consensus on the scaling debate, and agreeing on Segwit2x for the way forward. See more on this in my post here: https://steemit.com/bitcoin/@callumcampbell/bitcoin-miners-show-their-intent-to-signal-for-segwit-2mb-blocks
The Network
By visiting https://blockchain.info/unconfirmed-transactions , you will see that the current unconfirmed Bitcoin transactions on the network total around 37,000. This is more than double what it was this morning, when I made this post:
https://steemit.com/bitcoin/@callumcampbell/now-is-a-good-time-to-make-bitcoin-transactions-with-low-fees
In the picture below, we also see that the fees are at a daily high. This is caused by the network being full, which means people are prepared to pay higher fees in order to get priority over other users.
What does this all mean?
To conclude, this means that interest and trust has been restored in Bitcoin. More people are using it again, and the price is nearing all-time highs. This is the power of consensus, and we can only hope that the miners and Bitcoin community as a whole, continue to stand united. If this continues, the price of Bitcoin will continue its upward journey to the moon.
Hope you guys enjoyed this post, let me know your thoughts below!