Bitcoin at new annual high, split Bitcoin Cash into two chains and other events of the week
Summing up the outgoing week, we recall the rise in Bitcoin price to a new record level this year, the division of the Bitcoin Cash network into two chains, the „non-announced hardfork“ Ethereum and other key events.
On Thursday, November 12, quotations of the first cryptovoltaic currency for the first time since January 2018 rose above the psychological level of $16,000, and on the night of Friday updated a new annual high at just under $16,500.
Over the next few days, Bitcoin experienced a retreat as trading volumes fell to nearly $15,700, but by the end of the week it was again balancing around $16,000.
It has grown 7.9% over the last seven days. The capitalization was $296.3 billion and the dominance index was 63.7%.
This year’s record-breaking growth was preceded by a sudden jump in the bitcoin hash rate – in just one day the computing capacity of the bitcoin network increased from 112.6 EH/s to 164.5 EH/s. At the end of Sunday, this figure fell to 115.04 EH / s.
Also this week, a PlanB analyst confirmed his confidence in his Stock-to-Flow (S2F) bitcoin model. On its basis, he predicts that the first cryptovoltaic levels of $100,000-$288,000 will be reached by December 2021.
Eric Wall, IT Director of the Arcane Assets Cryptocurrency hedge fund, offered him a $1 million bet. He is sure that this model will „break“ before 2025. Any S2F supporter can accept the call, Wall said.
Analyst Willie Woo believes that Bitcoin is at the very beginning of a new bull rally. He came to this conclusion based on the RSI (Relative Strength Index) bitcoin chart, which, in his opinion, is only gaining momentum.
Green circle denotes where we are in this macro cycle. Start of the main bull run (in case it isn’t already obvious).
BTC’s on-chain Relative Strength Index is just warming up.
Red verticals are the halvenings, providing the bullish supply shock impulse. pic.twitter.com/HudOgAAezv
– Willy Woo (@woonomic) November 11, 2020
The Bitcoin Cash network is divided into two chains
On Sunday, November 15, in the network of the sixth most capitalized cryptovoltaic Bitcoin Cash held a planned hardfork. The largest client of Bitcoin Cash ABC until recently did not get the support of the community.
The update was planned for 12:00 UTC, but its activation was delayed by almost two hours. It happened at 14:13 UTC on block 661,447, which was the last joint block for Bitcoin Cash ABC and BCHN. Four minutes later, Antpool found a block 661,448, which already supported exclusively BCHN.
The first after hardfork block in the circuit BCHABC found at 15:55 UTC, the second – at 17:07 UTC. The BCHN chain at this point was on block 661,669. The expected split of the network into two separate blocks thus can be considered to have taken place, and the BCHN chain can be expected to inherit the BCH ticker.
BCH has split into two separate chains – BCHN and BCHABC – with BCHN mining the first block and leading for the #BCH ticker.
The Ethereum network hosted an „unannounced hardfork“.
On November 11, Infura and some other Ethereum infrastructure services faced service interruptions. This caused a delay in the flow of ETH quotes and tokens ERC-20, some exchanges stopped withdrawing funds.
Later it turned out that the interruptions were associated with errors in consensus in older versions of the client Geth. Due to the fact that part of the network has not been updated to the latest version, on the block 11234873 was divided Ethereum into two chains.