Does Bitcoin have a chance to grow? Cryptocurrency Market Trends

Glassnode Predicts Bitcoin Rally in the Nearest Future

According to the analytics firm, 87% of all bitcoins in circulation are profitable today, which is approximately 16 million coins. In the latest report, analysts noted that there have been cases in history when the share of profitable bitcoins reached 90% or higher, after which a bullish rally began. For example, in 2017, during the growth to a historical maximum of $20,000, the volume of such coins ranged from 80% to 99%.

At the time of this writing, the bitcoin exchange rate fluctuates in the range of $9,500-$9,800. Note that this month, the volatility of the main cryptocurrency has reached a minimum in the last three months, falling by a record 40%.

Bitcoin miners have increased activity

The network hashrate has increased dramatically to 126.5, but for such an indicator, the complexity is not high enough. In this regard, the mempool of unconfirmed transactions has practically cleared, and the average transaction fee has decreased from $1.59 to $0.36. In addition, the average Bitcoin block generation time, which is usually 10 minutes, has been reduced to 7 minutes. This made it possible to distribute the mining schedule over the next 100 blocks.

It is noteworthy that China's share in mining is declining, which may lead to the loss of the country's leading position in bitcoin mining. According to TokenInsight, China’s share of the hash rate has dropped from 75.63% in September 2019 to 65.08% in April. During this time, the share of miners from the USA and Kazakhstan increased by 3.18% and 4.75%, respectively. Analysts believe that the work of Chinese miners has become more complicated after the May halving, because most of them use devices of past generations. The attractiveness of the country for miners was influenced by a less progressive, compared to other states, legal framework.

Anonymous User Paid $5.2 Million Fee for Transferring 0.55 ETH

The transaction is currently being investigated by the confirmed SparkPool. 0.55 ETH is only $135, and the commission for this amount turned out to be 38,000 times more. Experts suggest that the error may be in the system that sends transactions automatically and incorrectly calculated the commission, or such an action was carried out for the purpose of money laundering. A miner on the Ethereum network can legitimize cryptocurrencies if he receives them as a transaction confirmation fee.

Blockstream CEO Adam Back is True to His Bitcoin Price Prediction of $300,000

As it became known from Bloomberg, Adam is confident that the main cryptocurrency will grow to 300 thousand dollars in five years, even without the influence of large investors and funds. People are starting to turn to cryptocurrencies more often because of the crisis:

“This may not require additional recognition among institutional investors. The current environment is making more people think about hedging and storing value when money is being printed all over the world.”

By the way, Back is one of the early developers of bitcoin.

Investing in bitcoin you can buy a yacht, and investing in gold you can buy a snickers.

Well-known trader Willy Wu compared the profitability indicators of gold and bitcoin over 10 years using the example of investing one dollar. So, having invested $ 1 in bitcoin in 2009, an investor would earn $12.78 million today, which is enough to buy a luxury yacht. While the dollar invested in gold brought only $1.66, for which you can only buy sneakers.

Despite being in demand, classic gold has shown very modest growth over the past decade.

Peter Schiff does not share such enthusiasm and said this week that in 10 years, Bitcoin will be completely depreciated:

“If you invest $12.8 million in bitcoin now, you will be very lucky if in 10 years you can even buy a Snickers bar with your investment.”

The economist is known for his love of gold and questions the intelligence of crypto investors.