Finally, Bitcoin touched $4,000 briefly on Bitfinex as it inches close to hitting a new high of 2019. The leading cryptocurrency registered significant gains today as according to the data provided by Coinmarketcap, Bitcoin is up by 7.76 percent in the past 24-hours.
Bitcoin price 5-days chart, Source: Coinmarketcap
However it’s just not Bitcoin that is enjoying the greens, the entire crypto market is euphoric as altcoins go surging as usually is the case in a bull market.
EOS and Bitcoin cash (BCH) are the top gainers among the top 10 cryptocurrencies with over 20 percent gains, followed by Ethereum (ETH) that is up by about 16 percent. Meanwhile, today’s highest gainer is WAX and Veritaserum that are up more than 33 percent. Ark is the highest loser with 13 percent losses while Aurora and Powerledger are in the red by about 2 percent.
The total market cap added $12 billion in about a day while the daily trading volume hits $31.5 billion.
Meanwhile, the analysts at Cambridge Associates, a consultant for pensions and endowments said in a note as reported by Bloomberg that investors should consider investing in cryptocurrencies.
“Despite the challenges, we believe that it is worthwhile for investors to begin exploring this area today with an eye toward the long term. Though these investments entail a high degree of risk, some may very well upend the digital world.’’
It has been further added in the note that, “The dramatic declines that swept across the crypto space raised questions about the future of these assets and the blockchain technology that underpins them. Yet, in looking across the investment landscape, we see an industry that is developing, not faltering.’’
Miners Revenue Nearing the 2-Year Low
While the Bitcoin price is seeing an uprise, Bitcoin miners’ revenue is close to hitting a 2-year low. A crypto Analyst with pseudonym Rampage shared a thread on Twitter where he detailed latest Bitcoin network data.
Bitcoin miners revenue is hitting a near 2 year low.
This also means that it’s becoming super cheap to transact on the network again.
Anyone remember the ridiculous fee’s and long wait times to transact in late 2017?
— 𝓡𝓪𝓶𝓹𝓪𝓰𝓮 🦍 (@Thrillmex) February 17, 2019
This has been happening because of the total transaction fees hitting a 5 year low. “This is the total value of all transaction fees paid to miners (in BTC). USD linear chart looks brutal. Miners are getting paid less and less.”
The good thing is Bitcoin wallets that are being created are still on a rise as now 33M wallets are created that has some interesting stats behind them.
He concluded this with,
“Looking at this data it would seem that the bitcoin network is as strong as ever, yet, money continues to be poured into its infrastructure but seems to be built without a corresponding user base – a gigantic risk on a speculative asset. Bitcoin – huge risk, huge reward.”
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.