The price of bitcoin has crossed the $9,000 USD zone across global exchanges on November 26, 2017, at approximately 10:40 am EDT. Earlier this year, bitcoin's meteoric price rise had crushed those who believed it would tank when it passed $2K, and has continued to exceed some of the more modest expectations.
Bitcoin Crosses the $9K Region
Bitcoin Touches a Milestone Price of $9K Across Global ExchangesBitcoin is on the tip of everyone's tongues these days, as the decentralized currency has breached many all-time highs month after month. 2017 has been spectacular as far as the currency's value is concerned, with bitcoin rising over 700 percent this year alone. For instance, back in January the price finally breached $1,000 per BTC, but then kept roaring all year long. On October 7 the price surpassed $4,500 which was half of what it is today, and you could have bought the dip on November 12 when the price was $5,850. Although the present value of bitcoin has astonished many, how quickly it has risen has been a shock to most. The currency is now being taken very seriously by naysayers, with it's massive $150B market capitalization. At press time the price per BTC is at an all-time high of $9020 per token.
Milestone After Milestone, Bitcoin Just Won't Quit
The cryptocurrency's market price isn't the only milestone of bitcoin's ninth year of life. The currency is being used more than ever before – as there are roughly 250,000-375,000 transactions confirmed on the network every single day. Further, well over three-quarters of the cryptocurrency has been mined so far leaving just 4.3M bitcoin's left to mine. Bitcoin mining is more profitable than ever – with 24 pools splitting the current hashrate. Right now, the biggest mining pools in the industry as far as hashrate is concerned include Antpool, Viabtc, BTC.com, Slush, and BTC.top. Hashrate itself is massive, as miners at press time are processing over 10 exahash per second, and on October 24 the hashrate surpassed 12.5 exahash. In contrast to the positive news regarding bitcoin during 2017, the network has experienced congestion and significantly higher fees this year as well.
It certainly appears to be the season to pump altcoins, by the look of things. After we have seen a few different cryptocurrencies get their pump of the month on, NEO appears to be the latest one in this line. More specifically, the NEO price has risen to over $38 over the past few hours, indicating strong growth and speculation for this particular altcoin. Whether or not this can become a long-term trend, remains to be determined.
It is evident any cryptocurrency that isn't Bitcoin still has to go through a major price increase over the next few weeks. During the weekend, we often see the value of different altcoins go up in value, especially when the Bitcoin price is struggling for momentum. It is pretty interesting to see how all of this momentum seems to culminate in massive price pumps, including where the NEO price is concerned. After all, a 35% increase in both USD and BTC value is certainly not "normal" whatsoever.
ProjectICO AMA to be held on NEO Subreddit November 20th
Stephen Hyduchak, founder and CEO of ProjectICO announced an reddit AMA session on the NEO subreddit, giving a short introduction to ProjectICO and invited the community to join the AMA session on neonewstoday.com
That being said, we see the NEO price up by 35% in both markets and people seem to like this unexpected momentum. NEO has been a pretty strong altcoin over the past few months, and it seems this momentum is far from over. There appears to be some news regarding NEO right now, although it seems most of it is still unconfirmed at this point in time. How the NEO price will evolve over the next few hours and days, remains to be determined, though.
No one can deny this NEO price momentum will undoubtedly spill over to some other altcoins in the days to come. As long as the Bitcoin price doesn't go on another major rampage in the near future, interesting things will continue to happen in the altcoin department. Should this momentum reverse all of a sudden, things will certainly take a turn for the worse as far as altcoins are concerned. At the same time, we see some altcoins decouple their value from Bitcoin, which is a positive trend.
Thanks to around $328m worth of trading volume, this NEO price momentum might be sustained for a few more days. Everything is very difficult to predict when it comes to cryptocurrencies, as new trends emerge and disappear in quick succession virtually every other day. While we see major NEO trading volume right now, it may dry up by this evening, for all we know. At the same time, it can also double or even triple. There are no guarantees in cryptocurrency.
What is rather remarkable is how Bittrex's NEO/BTC trading pair is generating most of the trading volume right now. Bitfinex's NEO/USD pair is in second place, whereas Binance's NEO/BTC pair completes the top three. A lot of money is circulating from altcoins to Bitcoin and the other way around again. Without too much fresh money coming into the cryptocurrency industry, we may see some interesting market changes over the next 24-48 hours, that much is evident.
It is impossible to predict how all of this will play out for the NEO price in the long run. Solid momentum may push the NEO price above $40 or even $42.5 in the coming hours. However, there will be plenty of profit-taking as well, as a lot of people bought this currency below $30 in recent weeks. An interesting situation to keep an eye on, that much is rather evident. Assuming the NEO rumors are true, this may even be the beginning of a price rally toward $50 or more.
At approximately 4 pm EDT at block height 504031, the Bitcoin Cash (BCH) network successfully hard forked. The fork is a change to the decentralized currency's consensus rules and aims to upgrade the network's Difficulty Adjustment Algorithm (DAA).
The Bitcoin Cash Network Has Successfully Hard Forked
Bitcoin Cash Network Completes a Successful Hard ForkNovember 13 is a memorable day for bitcoin cash supporters, as the network is forking in order to fix the BCH blockchain's DAA. The primary development teams who have been working on the bitcoin cash protocol consensus change include Bitcoin ABC, Unlimited, Nchain, and XT developers. The original DAA applied to the BCH network allowed the currency to thrive but also produced wild hashrate fluctuations. After several DAA proposals were researched and tested by the above-mentioned development teams, the community chose to implement a DAA proposal from Bitcoin ABC's lead developer Amaury Sechet.
Bitcoin Cash Network Completes a Successful Hard Fork
At approximately 4 pm EDT at block height 504031, the Bitcoin Cash (BCH) network had successfully hard forked.
The new BCH consensus change hopes to adjust the difficulty to hashrate to target a mean block interval of 600 seconds. Alongside this, the DAA aims to make sudden difficulty drops and spikes avoidable. For instance, the network will adjust difficulty rapidly when the hashrate changes exponentially, while also avoiding feedback oscillations. Sechet's DAA is based on a 144-period simple moving average according to the ABC team.
"The difficulty is adjusted each block, based on the amount of work done and the elapsed time of the previous 144 blocks," explains the Bitcoin ABC development team.
Since the DAA hard fork, block times have been smooth and consistent.
The Bitcoin Cash DAA Should Keep Block Times Consistent and the Mining Ecosystem Honest
Essentially the consensus change means the new DAA should keep block times stable and consistent at roughly 10 minutes per block. So far this goal of 10-minute block intervals has come to fruition. Now that the fork has happened BCH network participants will wait and see what happens with miners who have been hopping back and forth between two chains. Many BCH supporters believe this will level the playing field and from here on out, as the BTC and BCH competition should be fair without any miners gaming the system.
Bitcoin cash is enjoying a new lease of life as major figures throw their weight behind the chain. In the wake of the abortive Segwit split, neither bitcoin nor B2x has prospered, with the latter failing to materialize and the former dropping below $6,800 for the first time in 10 days. BCH, meanwhile, hit $866 earlier today.
All Aboard The BCH Express
As the elation, anger, and acrimony over Segwit2x has started to settle, focus has returned to the seemingly intractable problems of bitcoin scaling and transaction fees. Given the difficulty of attaining consensus for developments of the bitcoin network, many have grown frustrated by the stalemate, with widespread Segwit adoption and Lightning Network implementation still months or years away.
Bitcoin Cash Surges as Businesses Abandon Legacy BTCWith bitcoin currently unsuitable for small transactions due to high fees, various businesses and public figures have expressed their preference for a cryptocurrency more suited to everyday use. For some, this has meant looking to the world of altcoins, where the likes of Litecoin and Dash beckon. For those keen to stick with the bitcoin brand, however, bitcoin cash looks increasingly attractive.
One member of the Openbazaar team tweeted:
Hearing lots of great things about @BitcoinCash $BCH today. Many developers and businesses seem better aligned with the vision now that 2x has failed.
The team running the P2P marketplace have every reason to be extolling the virtues of bitcoin cash, having announced that they'll be accepting BCH on account of its cheaper fees along with zcash. As businesses have wrestled over what to do with a legacy bitcoin that's becoming increasingly un-transactable, the BCH team have wasted no time in wooing defectors, stating:
BTC's utility continues to decline. Watch as businesses adopt BCH.
One public figure who has thrown his weight behind BCH is Pirate Party founder and bitcoin maverick Rick Falkvinge, who declared: "With recent developments, I'm putting all available dev resources to retool my software for #Bitcoin Cash. I suspect I'm far from alone." He later added: "I'm moving my development effort to Bitcoin Cash, as Bitcoin Legacy now has hit a brick wall and needs to be dropped like a bad habit. I have no real reason to move the coins."
One Coin to Rule Them All
Bitcoin Cash Surges as Businesses Abandon Legacy BTCThe Bitcoin Cash market has surged over the last 24 hours, with volume exceeding $2.5 billion, 57% of which was trading against the Korean won. Much of the fevered interest in BCH will simply have been market sentiment, fueled by the growing consensus that the legacy bitcoin chain is ill-equipped to handle growing volume. It would be speculative at this stage to suggest that BCH is gearing up for its own version of The Flippening, when Ethereum believers thought their coin might actually overtake bitcoin to become The One True Coin.
Make no mistake though, if BCH's most ardent supporters have their way, not only will bitcoin cash steal bitcoin's market cap eventually but it will also steal its name. In the wake of the Segwit2x furore, there were hopes that the in-fighting which had driven a wedge into the bitcoin community would cease and work could resume on infrastructure improvements. Instead, the BTC/BCH debate has been ramped up, with supporters of both chains adamant that theirs is the best bitcoin.
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This week Bobby Lee, the chief executive officer of the Chinese cryptocurrency exchange BTCC, held an Ask-Me-Anything (AMA) with bitcoin traders on the Reddit forum /r/bitcoinmarkets. During the AMA the conversation participants focused in on the Segwit2x hard fork set to activate on or around November 16.
BTCC Will Follow the Most Accumulated Hashing Power Which Produces the Longest Valid Blockchain
BTCC Founder Bobby Lee: "Segwit2x Feature Is an Upgrade"According to Bobby Lee's most recent AMA, the Chinese exchange founder says that the pending Segwit2x fork is an "upgrade" and the Bitcoin network's consensus rules will change this time around. Lee details that if more than one chain survives, and the minority chain has demand, BTCC will support the forked protocol just as it has done with altcoins earlier this year. Recently BTCC just started altcoin mining and started with litecoin, and the pool will soon mine bitcoin cash as well, Lee reveals.
"In the future, if the Bitcoin Core Legacy (BCL) chain survives, we will consider providing BTCC Pool support for that based on market demand," explains Lee during his AMA. "This time, in mid-November, bitcoin is expected to upgrade its consensus rules, just as it has done so many times over the past nine years."
The upcoming Segwit2x feature is an upgrade to Bitcoin, and yes, there is a change in consensus rules this time. Per bitcoin rules, bitcoin will continue to be the chain that has the most accumulated hashing power and produces the longest valid blockchain.
Segwit2x Will be a Good Test
Lee and BTCC's perspective of the situation share the same view as Coinbase, Bitpay, Xapo and other businesses by choosing to follow the most accumulated hashrate. Lee says the reason he likes bitcoin so much is because there is a "balance of power — no one group has absolute power." Further, Lee digresses that there is no mathematical certainty or exact measurement of how much power each group has, and he believes this fork will be a good test.
"The upcoming bitcoin upgrade (NYA, Segwit2x) is a good test to see if the bitcoin community can move forward when only a subset of all the groups decide to move on to an upgrade of bitcoin," the BTCC founder details. "It's unfortunate that this upgrade is not fully supported by all groups."
