Bitcoin price leapfrogs $2,600 levels as segwit lock-in almost confirmed

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Bitcoin has gained substantially over the last couple of days putting to rest concerns that the price plunge during the weekend was not a temporary flux and that the cryptocurrency is losing its sheen.

Bitcoin is currently trading at $2640 and if we are to draw conclusions based on votes that segwit has been garnering, it is almost likely that we will have a segwit lock-in within the next few hours as its hashrate rises to 83{7b1a8a58d3ffe2d8e535e80e794d8bc0bf06a3ecc0c2050b83ca37784c6fddca} with just 80 blocks left.

Over the last couple of days new miners including GBMiners have joined and with all other small miners joining the segwit hashrate, we are drawing towards a segwit lock-in. It appears only F2Pool and Slush are left. F2Pool’s co-founder stated they had been dealing with DDoS attacks which had delayed their upgrade to segwit, but will soon start voting for it.

If we look at the current hashrate, segwit is now projected to lock-in with just 82 blocks left in total, 64 of which need to be voting for segwit. If the lock-in happens, we can expect it to active in early August, otherwise, it goes through another three day lock-in period.

As segwit has garnered the threshold, bitcoin price continues to surge well past the $2,550 levels and is currently trading at $2,640 at the time of writing. One of the primary reasons behind the price surge seems to be the news that new miners have joined segwit while F2Pool made it clear they are soon to start voting for the upgrade.

The sharp move may be due to the market gaining some certainty regarding bitcoin’s direction, as well as potentially because of perceived lower risks of a chain-split. This is because it appears as good as all miners are now supporting segwit, as well as nearly all businesses. So bitcoin, after more than two years of heated scalability debate, is finally nearing a decision.

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