Retarget is here guys! Let's see the situation.
Today's update is very important because situation is going to really worse for bitcoin network usability.
Let's continue with our periodic update about bitcoin network situation.
I believe that it is very important not only for people who try to use bitcoin for value transferring, but it is also very important because a negative situation of bitcoin network can be a big market advantage for Bitcoin Cash and Litecoin, that are the most obvious alternatives to Bitcoin.
So, here you can find an overview of BTC situation.
Ps: If you have forgotten last episodes, this is (in part) why in these days BTC is so slow. Read this article about the great bitcoin retarget that happened two weeks ago and yesterday again
!https://steemit.com/bitcoin/@marculisse/important-do-you-want-to-transfer-bitcoin-do-it-immediatley-retarget-incoming.
From today, with retarget, bitcoin elaborates -17% blocks without considering hashrate variations. This means -17% confirmed transations and higher fees.
Ps: Data reported here cover period from 00:01 to 23:59 UTC+1 (Central Europe Time) of 17 december
Bitcoin network is seeing a great inflow of new hashrate (hashrate, to simply say, measures mining power). 30 minutes after midnight (00:35 Rome Hour) hasrate was 80% bigger than the 7 days average. So, despite the retarget, bitcoin network is still speed. Let's see what happens in next days with hashrate.
For more info about hashrate you can see here https://fork.lol/pow/hashrate
Seems that Bitcoin network is continuing to produce blocks at a good rate. We are having a Bitcoin Blocks production rate of approx. 7.6 blocks/hour in last 24 hours. Very good! Probably this figure will decrease in next days.
Source https://fork.lol/blocks/time
Bitcoin unconfirmed transation number is growing, and after a great spike to 160K it is now over 140K (with average transation fee that, in 17 december, touched 28$).
In fact the number of transations on BTC network was very high, about 380K transations in 24 hours.
So bitcoin is continuing the long period of mempool stoopping up, whit an increase of unconfirmed transaction. The "mempool" is the "pool" that contains all Bitcoin unconfirmed transations.
So, as a lot of transations are still unconfirmed. Here you can find all mempool data https://jochen-hoenicke.de/queue/#24h Probably, unless this grat hashrate influx continues, situation will continue to get worse.
Because of these elements, already now, bitcoin fees are really increasing and average transaction fee is at 28$. It is too expensive to use Bitcoin for normal payments. Consider also that bitcoin price rally is increasing the cost of bitcoin average transaction fee, that is calculated in Bitcoin. See at https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m
MARKET REVIEW
Competitors of BTC are taking advantage from this situation.
This slowdown period, as forecasted in precedent posts, is creating a good chance for a bitcoin cash price recovery, that has spiked over 2250 and now it is near to 2200 dollars. We seeing a good price increase and this trend will probably continue.
Litecoin price touches a new All-time-hight, and at this moment it is $359. Daily transactions done with litecoin are near to 110K, a good decrease in comparison with the last days.
Bitcoin price at the moment is stable after a very volatile day, at the moment is is very near to 19000$
See at https://coinmarketcap.com
We also have to coinsider that this high price is making bitcoin network less usable (see for more informations about this https://steemit.com/bitcoin/@marculisse/in-bitcoin-rally-making-bitcoin-unusable-the-problems-of-speculative-market)
Stay turned and pay really great attention to this chaotic moment.
If you need of help or clarifications, dont hesitate to comment and ask.
Have a nice day guys!