Bitcoin’s [BTC] bullish signs continue to mount, further suggesting the coming of the next bull run. With the coin’s price moving up, the king coin’s confirmed transactions per day have reached its December 2017 levels.
A recent study by Longhash confirmed the rise in the number of Bitcoin’s transactions, despite the touted “crypto-winter.” The importance of this metric cannot be overstated, as it implies Bitcoin’s increasing adoption rate as well as growing interest in the decentralized currency industry, even when the price was tumbling.
Since the beginning of April, Bitcoin has seen multiple spurts over the 400,000 ceiling. The most prominent of these spurts, based on the Blockchain.com chart, were on April 2 and April 11 respectively. The last time the confirmed transactions per day was over this margin was in early January 2018, when the price was well over $15,000.
Longhash stated that there is a correlation between Bitcoin’s price and the confirmation of daily transactions. However, they cautioned customers, stating, “there isn’t always a direct relationship between what the price is doing and what how many daily transactions are processed.”
The peak of the daily confirmed transactions is still a long way off. However, the prospects of the market given this metric looks optimistic. The highest confirmed daily transactions recorded was just under 500,000 on 14 December 2017, prior to the price reaching its all-time high. In light of this, Longhash stated,
“If Bitcoin’s price continues to climb, we could see a new record for confirmed transactions sometime in the next several months.”
The metric reaching bull run levels, despite the price not reflecting the same, is still a positive sign for the cryptosphere. Erik Voorhees, CEO of Shapeshift, referred to a chart from Blockchain.com, calling it the “most important chart in crypto.”
Additionally, the king coin’s dominance in the market is also growing. Since its price rally on April 23, Bitcoin increased its share to 54.2 percent of the global coin market. In contrast, prior to the April 2 price boom, Bitcoin’s majority was giving way to altcoins, holding just above the halfway mark.
The recent price rally was perhaps, the most significant move up for the top coin, due to the realization of the Golden Cross. Following the breach of the $5,350 resistance level and the $5,500 psychological level, Bitcoin’s 50-day moving average surpassed its 200-day moving average, which, according to many, is the first inkling of the next bull run.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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