On July 28, Tuur Demeester, Bitcoin analyst and Research Worker disclosed that Bitcoin dominance index recovered on the far side its 50% mark for the first time since May.
Although the market cap of cryptocurrency market fell from $115 Billion to $89 Billion, the dominance of Bitcoin on the market has raised, as Bitcoin moved close to a market cap of $46 Billion.
As a result, Bitcoin’s value has moved close to $2,800, because of the optimism surrounding the activation of SegWit
Some of the largest Bitcoin exchanges and commerce platforms together with Coinbase, Bitfinex and Bitstamp have already processed their stance on Bitcoin cash, the hardfork proposal that is being developed by ViaBTC.
Initially, Bitmain developed Bitcoin abc as a contingency set up towards BIP 148, user-activated softfork. But, because the mining community came to an agreement to activate SegWit via BIP 141 i.e. the first SegWit proposal, the chances of the activation of Bitcoin abc or Bitcoin cash, considerably reduced.
Still, ViaBTC formally declared earlier in the week that it plans on following the Bitcoin cash hardfork, to form a separate version of the initial Bitcoin Blockchain. The abrupt announcement of ViaBTC came as a surprise to Bitmain additionally, that led the corporate to release yet one more announcement clarifying that Bitcoin abc was just a contingency set up against BIP 148.
Despite the rejection of Bitcoin cash by many exchanges, mining pools and businesses, its creation to the market can mean a chain split. Before the finalisation of SegWit activation, the market remained unstable because of the possibility of a hardfork execution and currently, the market is more assured in Bitcoin than ever before.
For the most part, that's as a result of Bitcoin has proved its ability to scale through the finalisation of SegWit and also the overwhelming majority of the business has proclaimed that they don’t intend to acknowledge Bitcoin cash as a legitimate fork of Bitcoin. As leading businesses like Coinbase and GDAX can think about Bitcoin cash as an alternate cryptocurrency or altcoin.
Hence, because of the finalisation of SegWit and also the clarification of the Bitcoin business on the Bitcoin cash Hardfork, the market and investors have a lot of confidence in Bitcoin. In addition, according to analysts from Goldman Sachs and alternative leading monetary institutions, Bitcoin’s upward momentum can probably be sustained.
Source: COINTELEGRAPH