When the world’s first Bitcoin ATM was installed and established in Vancouver back in November 2013, it was considered a landmark for the cryptocurrency revolution. Alas, with the growing popularity of Bitcoin and cryptos, some like Vancouver’s present Governor, Kennedy Stewart, have taken a step backwards, with Kennedy firmly against the idea of such machines following the rise of crypto-related crime in the city.
However, crypto ATMs continue to be popular across the globe and according to Coinatmradar, Crypto ATMs recorded their highest number of installations in the month of May 2019 for over a year, with a net growth of 227 ATMs.
At press time, the number of crypto ATMs present around the world stood at 4938, with a majority of the ATMs based out of North America. The continent was host to 73.7% of the world’s crypto ATMs, with United States hosting 60.2% of them.
Europe had the third most ATMs with 22.4 %. Unsurprisingly, Asia only hosted 2.2 % of the ATMs since major countries like India and China were still not entirely sold on the idea of cryptos.
In terms of utilization, Bitcoin was the most favored virtual asset as out of 4938 ATMs, 4935 ATMs supported the use of Bitcoin. Litecoin was the 2nd most assisted virtual asset with 3207 ATMs, while Ether and Bitcoin Cash were supported by 2743 and 1823 ATMs, respectively.
The overall growth of ATM installations has risen by a steady rate, since the first ATM installation in 2013.
The surge in ATM installations this year could be attributed to the market surge witnessed by Bitcoin after April. Bitcoin’s recent growth rate has allowed it to outperform traditional assets, and even S&P 500 assets.
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.
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