A lot of people on the street have spoken about how the bitcoin fundamentals are bettering, but a recent weekly update by Huobi Research speaks a slightly different story. The weekly update captures some data points put forward by Firecoin Blockchain Big Data which claims that the last two weeks have not been that great for Bitcoin fundamentals.
Are Bitcoin fundamentals getting weaker?
Huobi Research mentioned the first weekly update of 2019 by the data team of Firecoin Blockchain Research Institute and states that the fundamentals of cryptocurrencies started 2019 on shaky ground.
Huobi Research shared the first weekly update of 2019 which captured some really interesting points put forward by the data team of Firecoin Block Chain Research Institute.
The report puts forward the following key bitcoin fundamental findings.
- The number of new Bitcoin addresses has dropped significantly for two consecutive weeks, and this week it hits a new low of the past half a year;
- The number of transfers and the volume of transactions has declined over these two weeks
- The number of active Ethereum addresses has decreased;
- The number of EOS transactions has dropped, and the number of its new addresses has dropped to nearly 50%;
- The cryptocurrency market transactions have increased in the last week. The IOTA was the biggest gainer, and the NEM was the biggest loser. As to transaction volume, Maker got the biggest rise, and the ETC was the biggest loser.
The report further extends the research on social media trends as well. The key finding there were:
- For digital currencies, in China, the most trending digital currencies were Bitcoin, Ethereum, and EOS while internationally it was BTC, ETH, and XRP
- With regards to events in the crypto industry, the most trending keywords in China are “bear market”, “bull market” and “bifurcation”, while across the global the key trending words were “ SCAM fraud”, “wallet” and “mining”
- In the field of cryptocurrency and exchange category, the keywords trending in China were Currency Security and Sun Yuchen while globally the keywords were Coinbase, Satoshi, and Binance.
The report also captures the analysis of Github data. According to the report:
- 1)ETH, 2) BTC and 3) EOS saw maximum praises this week
- 1) BTC, 2) ADA and 3) IOTA saw the maximum number of followers this week
- 1) ETH 2) IOTA 3) ADA saw the maximum number of lines of code added this week
While it could be anticipated that due to year-end holidays this decline in the number of accounts was seen, but if the trend continues like this crypto fundament would be tested big time.
What do you think was the reason for this dip in new accounts for Bitcoin? Do let us know your views on the same.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com