Bitcoin trades above $730 on November 1, 2016, capping off a remarkable week that saw the original cryptocurrency surge more than 7% and edge closer to its 2016 high. The rally comes at a pivotal moment for the network, with Segregated Witness code now officially embedded in the latest Bitcoin Core release and miners preparing to signal their support starting November 15.
TL;DR
- Bitcoin price reaches $729.79, gaining 7.51% in the past week and 61.12% year-to-date
- Bitcoin Core v0.13.1 released on October 27 with SegWit code, miner signaling begins November 15
- Brave New Coin partners with Tullett Prebon Information to distribute digital currency pricing data to institutional markets
- Bitcoin market cap surpasses $11.6 billion with over 15.9 million BTC mined
- Daily crypto marketplace volumes regularly exceed $100 million as mainstream adoption accelerates
Bitcoin Rally Builds Momentum
Bitcoin begins November on remarkably strong footing. After starting the previous week around $650, BTC powered through the $700 barrier and settled at approximately $730 by November 1, representing a weekly gain of 7.51%. The year-to-date gains are even more impressive: bitcoin is up 61.12% since January 1, and up 95% from its yearly low. The cryptocurrency now sits within striking distance of its 2016 high near $778, reached back in June.
The rally since August alone accounts for a 26.62% gain, demonstrating sustained buying pressure rather than a short-term spike. With over 15.95 million bitcoin mined at this point, the current price translates to a total market capitalization of approximately $11.6 billion, according to CoinMarketCap data.
SegWit Code Goes Live in Bitcoin Core 0.13.1
Perhaps the most significant technical milestone of the week is the release of Bitcoin Core version 0.13.1 on October 27, which contains the official code for Segregated Witness. SegWit represents a soft fork that separates transaction signatures (witnesses) from the main transaction data, delivering several critical improvements to the network.
The upgrade eliminates the long-standing transaction malleability problem, reduces complexity for wallet and smart contract developers, increases effective block capacity by approximately 70%, and enhances security for multisignature transactions. Estimates based on current transaction patterns indicate that if all wallets adopt segwit, the network will be able to support about 70% more transactions.
Starting November 15, miners will be able to signal their willingness to enforce segwit. In any subsequent 2,016-block period (roughly two weeks), if 95% of mined blocks signal support, the changes will be locked in. After another 2,016 blocks, miners can begin producing blocks with segwit transactions on the main Bitcoin network. The 95% threshold is high, but the community is cautiously optimistic about eventual activation.
Institutional Data Infrastructure Expands
In a development that underscores the growing intersection between cryptocurrency and traditional finance, Brave New Coin (BNC) has signed a partnership with Tullett Prebon Information (TPI) to distribute comprehensive digital currency pricing data to institutional clients. This marks the first time such a complete view of the digital currency landscape has been made available to traditional financial market participants.
The agreement allows TPI to distribute BNC’s consolidated exchange feed, including the widely referenced Bitcoin Liquid Index (BLX), to its entire customer base. The data covers intraday pricing from over 50 digital currencies, including bitcoin, ethereum, and ripple, along with traded rates against a variety of traditional fiat currencies. The BLX methodology has been developed by quantitative analysts to reflect the bulk of legitimate global trading volumes, sourced from major CNY, USD, and EUR markets.
Fran Strajnar, CEO of BNC, describes the partnership as recognition that a new asset class has arisen, noting that its exponential growth is proving attractive to traditional market participants. Andrew Reeve, Head of Asia Pacific, Middle East and Africa at TPI, points to growing mainstream acceptance of cryptocurrencies, noting that companies such as Microsoft and Amazon are now accepting them as payment.
Altcoins Show Mixed Performance
While bitcoin surged, the broader altcoin market told a different story. Ethereum’s ether token fell sharply, dropping from approximately $12 to $10.50 during the week, a decline of 12.46%. Despite this weekly dip, ETH remains up an astonishing 1,001% year-to-date. The ETH/BTC pair fell 19.67% for the week as bitcoin significantly outperformed.
Other major altcoins also struggled. Monero (XMR) declined 22.13% over seven days, trading at $4.71. STEEM was the worst performer among tracked assets, plunging 34.01% for the week. XRP also fell 18.02% despite being the third-largest cryptocurrency by market cap. The Lawnmower Blockchain Index (LBI), which tracks a basket of major digital assets, rose 5.92% for the week to $194, though its gains were almost entirely driven by bitcoin’s performance.
Why This Matters
The convergence of technical upgrades, institutional infrastructure development, and strong price action paints an increasingly mature picture of the bitcoin ecosystem. The SegWit activation process represents one of the most significant protocol upgrades in bitcoin’s history, with the potential to resolve years of scaling debate. Meanwhile, partnerships like the BNC-TPI deal signal that traditional finance is no longer ignoring digital currencies — it is actively building the tools to integrate them. With daily volumes across the crypto marketplace regularly exceeding $100 million and prices approaching yearly highs, November 2016 is shaping up to be a defining month for bitcoin’s trajectory into the mainstream financial consciousness.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.