Bitcoin’s [BTC] surge over $5,000 gave many crypto fans a ray of hope as it signalled the possibility of a continued bull-run. Binance’s research on Bitcoin’s performance dealt with the question ‘can Bitcoin return to its 2017 glory?’ and indicated that we could be getting close to the 2017 glory.
However, this research did not go down well with some crypto enthusiasts. Twitter user @galgitron complained about the network saturation and called it a ‘catastrophe’. He tweeted,
“I’m so confused.. how can approaching network saturation and increasing unconfirmed transactions be a good thing? Do we not understand that translates into long delays and high network fees? Unless of course by ‘glory’, you mean ‘catastrophe’”
@galgitron’s opinion was voiced by many as they complained about the unconfirmed transactions and speculations about what was going on in the Bitcoin ecosystem. Twitter user @Dave_Jonez_02 said:
” “Are things starting to look up for #Bitcoin?”
And then you point to close to all-time-high network congestion, unconfirmed transactions, long waiting times and high fees? Really?
Aren’t you people realizing BTC is HOLDING BACK #crypto adoption this way?”
However, there were people who believed that the trend reversal could take place for Bitcoin soon, once the scalability issue was resolved. Another Twitter user @hckerBhat speculated a bracket for Bitcoin to shoot, depending on the actions of the crypto whales. The user stated,
“Yes but not so early, all whales are trading for short now. When BTC will touch $2000-2500 range then they will long BTC , It may even touch $30K.”
At press time, Bitcoin has crossed $5k mark yet again and was valued at $5,013.50, with a market cap of $88.39 billion. It noted a 24-hour trading volume of $15.72 billion as it spiked by 21.79% over the past week. Bitcoin noted a minimal rise in its price by 0.19% over the past day and continued to note a growth of 0.17% within the past hour, at press time.