June 25, 2024

The number of unconfirmed transactions in the Bitcoin network increased by 8700%

Within a few hours, the “mempool” of the first cryptocurrency was full. On previous occasions thisled to a sharp rise in price of coins.

The number of unconfirmed transactions on the networkBitcoin soared in a few hours to levels at the end of 2018, according to Blockchain.com. On the morning of November 15, this figure was about 1 million bytes, then it increased by 8700% and reached 88 million. A similar situation has already happened on the market, and in nine out of ten cases this led to a strong rise in price of the first cryptocurrency.

At the end of March 2019, the Bitcoin mempool grew by8700%, rising from 500 thousand bytes to 44 million bytes during the week. A few days after this, the rate of the first cryptocurrency began to grow rapidly. At the end of June, he reached $ 14,000, setting an annual maximum.

The same overflow of the “mempool” in the Bitcoin network occurred in early November 2017. After that, the rate of the first cryptocurrency began to grow and within a month rose from $ 6,000 to $ 20,000.

However, this abnormal increase in the numberunconfirmed transactions on the main digital asset network may be a system failure. According to Johoe's Bitcoin Mempool Statistics portal, the Bitcoin mempool remains normal.

Also an increase in the number of unconfirmed transactionsmay be the result of an attack on the network by Bitcoin SV supporters in honor of Independence Day. On November 15 of last year, Bitcoin Cash hard fork occurred, after which BSV altcoin appeared.