- Bitcoin’s development activity was on a downtrend towards the end of March.
- BTC reacted favorably to the news of the upgrade, soaking in gains of 1.03% at press time.
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BTC reacted favorably to the news of the upgrade, soaking in gains of 1.03% to trade at $26,712.55 at the time of publication, data from CoinMarketCap revealed.
What does Bitcoin Core 25.0 bring to the table?
One of the most notable improvements was the support for non-witness transactions of 65 bytes and above. This opened up additional use-cases of smaller transaction sizes and improving protection against CVE-2017-12842, a vulnerability discovered in an earlier version of Bitcoin Core.
Additionally, new scanblocks remote procedure calls (RPCs) were introduced as part of the upgrade, which will ensure fast wallet rescans. The RPC node is a type of computer server that allows users to read data on the blockchain and send transactions to different networks.
As far as RPC updates were concerned, all JSON-RPC methods will accept a new parameter called “args,” making it easier to pass some parameter values.
Bitcoin Core is the original client software for the Bitcoin network. It enables users to set up their node on the blockchain and verify transactions sent by other users.
Bitcoin Core is an open-source software, so anyone can view and propose upgrades. A single company or organization does not own it, but rather, a global development community maintains and reviews it.
Investors were in two minds
BTC’s development activity has been on a downtrend since the end of March, with a slight recovery seen over the last week, according to data from Santiment. Developer activity is a crucial indicator to gauge the growth of potential of a blockchain network. A dip may suggest that future enhancements may get delayed, affecting network adoption.
After surging earlier this week, the weighted sentiment for BTC fell to its neutral levels at the time of writing. This indicated that investors were not uniformly aligned with any single market opinion.
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Another wave of intense on-chain activity approaching?
May 2023 has proved to be a record-breaking month for network traffic on Bitcoin. Notably, daily transactions climbed to unprecedented levels. Though traffic has slowed in the last two weeks, there were enough hints that Bitcoin was preparing for another surge in activity.
The daily active addresses reached a 3-week high on 26 May, as per Santiment, Moreover, the number of daily transactions also spiked.