Bitcoin Price Nears All-Time High amid Sweeping Segwit Support

Bitcoin prices traded near all time highs on a late Thursday night as prices hit a high of $2956 dollars on Coinbase, less than $50 dollars shy of its all time high on 11th June.

The remarkable rally comes during wider expectations of a positive outcome to the controversial and much contested scaling debate that has been engulfing the bitcoin community. Bitcoin’s miners are now, more than ever, signaling their support for the Bitcoin Improvement Proposal 91, which would avoid a hard fork a split of bitcoin into 2 blockchains.

“The recent stand off between network users and miners over the future direction for Bitcoin (BTC) has threatened in recent weeks to throw Bitcoin (BTC) off course,” stated Matthew Newton, a market analyst at trading firm eToro. “Yet despite the stubbornness on both sides, it was ultimately in interest of everyone to come to a resolution and strike a deal. Users and Miners have now agreed on one method for creating the cryptocurrency and speeding up transactions.”

As the likely code update, Bitcoin Improvement Proposal 91 is now locked in after having met the required signaling threshold at 80%. At the time of publishing, 95.1 percent of bitcoin’s (BTC) hash power is now signaling for Bitcoin Improvement Proposal 91, enabling miners to activate SegWit as a scaling solution, at least in the short term.

All of which helped bitcoin (BTC) price spur close to its all time highs after falling to a low of below $1,900 dollars over the weekend. The upswing has also seen a psychological impact on the wider crypto markets as the positive trend pushes the entire cryptocurrency market cap toward $100 billion dollars.