The volume of transactions using Segwit hit a record high, accounting for more than half of the total trading volume of Bitcoin

The trend of bitcoin roller coaster has always been the highlight of the cryptocurrency market. There are several types of competitive currencies that are the same as the global leading cryptocurrency. After Bitcoin returned to the slow unilateral trend cycle, competitors with high market capitalization such as Ethereum and Ripple also had similar performance on the K-line chart, and their changes in price and market value were very small.

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Image source: visualhunt

In addition to the price of Bitcoin, several other factors have contributed to the overall development of the Bitcoin ecosystem. These factors include the fact that bitcoin's computing power has reached an all-time high, and the total trading volume has also surged. The latest report further shows that Bitcoin's Segwit transactions have reached new highs, accounting for 56% of total Bitcoin transactions. Jameson Lopp, chief technology officer of Satoshi.info, also pointed this out. He wrote on Twitter:

“Although some major services still do not support Segwit, the recent cost of enabling segwit has reached 56% of daily transactions. If your wallet/transaction/other provider still offers a bitcoin deposit address starting with '1', Then it is time to ask them 'When is SegWit?'"

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Segwit spends a percentage of payouts | Source: transactionfee.info

While bitcoin prices have risen on the K-line chart, the volume of Segwit-enabled transactions has also exploded. During the two-week period, Bitcoin rose sharply and began to move toward the $10,000 mark. March is a month in which the Segwit trading volume continues to increase in the Bitcoin ecosystem, with transactions involving Segwit accounting for 48.73% of all transactions.

Segwit spends a transaction that is one or more Segwit outputs. It is reported that after the bitcoin price stood at the $13,000 mark, the transaction fee of Bitcoin hit the lowest record ever, which led to a sharp increase in the proportion of SegWit transactions. During the big bull market in 2017, the bitcoin transaction cost was $18, while the current average transaction cost was $1.30.

After the popular cryptocurrency exchange Bitmex admitted to using this technology to reduce transaction costs, Segwit has once again become the focus of attention. Dissatisfied with the rising cost of Bitcoin by the encryption community, forcing Bitmex to start researching the technology, the company said:

"It (SegWit) is bundled with other backend system upgrades, allowing us to monitor more addresses and control them more freely."