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Bitcoin [BTC] daily transactions hit yearly high as price plunges in the bear market

Priya

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Bitcoin [BTC] daily transactions hits yearly high as price plunges in the bear market
Source: Unsplash

January 11 started with all the cryptocurrencies in the market pained in red. This came across as a blow to several investors in the cryptocurrency market as most of the coins were showing a massive growth. Additionally, all the coins plummeted in the market within a matter of minutes. This includes a majority of the cryptocurrencies in the market, with some plunging by double digits.

Coins such as Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], and XRP also witnessed a massive drop in their price due to the bear’s attack. Additionally, Ethereum lost its second position to XRP, days after regaining it.

According to CoinMarketCap, at press time, Bitcoin was trading at $3816.69, with a market cap of $66.69 billion. The cryptocurrency has a trading volume of $6.33 billion and has plunged by over 5% in the past 24 hours.

However, as the value of the cryptocurrency has taken a sudden downward trend, the number of daily transactions of Bitcoin has taken an upward trend. On January 9, 2019, the cryptocurrency recorded its highest confirmed transactions since the past one-year. Here, confirmed transactions refers to the number of transactions that have been confirmed on the Bitcoin blockchain.

Bitcoin daily confirmed transaction | Source: Blockchain

Bitcoin daily confirmed transaction | Source: Blockchain

Amoebanomaly, a Redditor, said:

“Looks promising! However, I doubt I am the only one who is reluctant to buy after the massive sudden drop from 6k”

To which, Robby16, said:



“Yeah tough one. You have technical analysis saying BTC might bottom at around 2000 – 2500 and you have fundamental analysis indicating that the ETF will most likely get denied because USA Government shutdown and bakkt most likely will be delayed for a while for the same reason. All the indicators are showing that the market is gonna keep dumping.”

He further said:

That being said, everyone thinks it’s going to dump so the opposite usually happens. 95% of traders miss the bottom. We could have hit the bottom already. Fuck this shit just rob the banks”

Cr0ft, another Redditor said:

“If they were near the peak, the transaction fees would be $50 again, and the wait time for transactions back to days. Bitcoin still isn’t capable of handling any kind of real load. Lightning Network is a far-away pipe dream, assuming it can even be made to work. Spiking transaction count is scary in this case, not positive. We already know Bitcoin can’t handle it.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Bitcoin

Bitcoin [BTC]: Morgan Creek CEO compares BTC returns to endowment returns

Akash Anand

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Bitcoin [BTC] returns compared to endowment returns by Morgan Creek CEO
Source: Pixabay

Bitcoin [BTC] and the rest of the cryptocurrency market has seen something of an upgrade, compared to its situation in 2018 when the bear market resulted prices falling from their peak. Many supporters of the world’s largest cryptocurrency have repeatedly claimed that the return on investments on Bitcoin has always been greater than that of traditional financial markets.

In a recent tweet, Mark Yusko, CEO and Chief Investment Officer of Morgan Creek Digital Capital, pointed out some value points of adding Bitcoin to an investor’s portfolio. Yusko tweeted,

“Some numbers to ponder when thinking about value of adding #Bitcoin to your portfolio
Endowments have $613B in Assets. Average return over past 5 yrs was mediocre 7.2%
Had they allocated 1% to $BTC return would’ve been 9.2%
Had #Bitcoin gone to zero, return would’ve been 7%.”

The Morgan Creek official made this statement on the back of Bitcoin’s stellar performance over the past couple of weeks. Ever since the world’s largest cryptocurrency fell from its $6000 hold back in November 2018 to settle below $4000, it found it difficult to break that threshold. The point, considered by many experts in the field as being close to Bitcoin’s bottom, continued to pull the cryptocurrency into a bearish vortex. Since April 1, Bitcoin’s price has spiked, in stark contrast to the strong sideways movement that it held since November.



Looking at the numbers, Yusko’s statements about BTC yields can be verified because investors holding the cryptocurrency at the $4170 mark on March 31 saw their portfolio spike by a whopping 100 percent on May 16, when the price touched $8280.

Mark Yusko was also in the news recently when he stated that Bitcoin was a great diversifying asset. He backed this up by comparing the digital asset’s performance with that of the S&P market. He said,

“Morgan Creek had launched the cryptocurrency challenge back in December and there were not many takers. In a way that was good because BTC is up by more than 100 percent right now, which is a much better hit rate than that of the S&P market. We will see that in the next 10 years, Bitcoin will outstrip even its current performance and maybe even more.”

 





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