Bitcoin recently saw a meteoric rise in value over the past 30 days, but soon endured a major correction and saw its value drop from $7,500 to $6,407.62 at press time. The bitcoin dominance index dropped from over 62 percent to 53.4 percent following the “death” of the SegWit2x hard fork.
The cryptocurrency has seen better days, as according to Blockchain.info there are now 115,003 unconfirmed transactions, meaning the mempool has once again surpassed the 100 million byte mark – which hasn’t happened for nearly three months. According to tradeblock, these unconfirmed transactions amount to 110,611 BTC, worth over $700 million, weighting about 36 MB.
With the cancellation of the SegWit2x hard fork, various investors started selling their bitcoin and turning to other cryptocurrencies, as they will no longer receive “airdropped” tokens. Some also speculate existing bitcoiners are turning to Bitcoin Cash because of its flexible block size limit, justifying bitcoin’s recent decline.
Whenever bitcoin’s mempool is filled with unconfirmed transactions, mining software picks the transactions that paid the highest fees. This means that users who want to send important Bitcoin transactions are currently advised to attach higher fees to them in order to get them through
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