This new weekly Bitcoin report will show the price movement over the last week. In addition, market capitalization and daily trading volume will be taken into account, considering the changes derived from the third halving applied to the Bitcoin network last May 11th.
With respect to mining on the Bitcoin network, some relevant data will be provided, such as processing capacity on the network and average costs per transaction, which remain high 9 days after the reduction of the rewards to half. In addition, it will indicate whether the network is currently congested and the number of pending transactions to be confirmed will be indicated.
If you want to find out the latest news about the main cryptocurrency and to read the most important economic news, download for free the Born2Invest mobile app.
The BTC market capitalization and volatility
From May 13th to May 20th, the price of Bitcoin has been fluctuating. On the 13th it was in the range of $9,073, while seven days later the price of the cryptocurrency rose to $9,525. The above figures represent a 4.98% increase in value. Market capitalization increased to $175.09 million. That represents an increase of 5.01% compared to last week’s $166.73 million.
The daily traded volume of Bitcoin continued to decline. On May 13th, a trading volume of $42.33 billion was recorded, while on May 20th the amount was around $36.06 billion. The drop in this metric this past week is 14.78%, while last week a 13.97% drop was reported.
On the other hand, the volatility of the Bitcoin price is back down, after having increased following the halving. Last week’s volatility was 13.57%, and it is currently trading at 12.43%. Finally, Bitcoin dominance is currently at 66.8%, down 0.4% from last week.
The difficulty of mining and the hashrate
The size of the Bitcoin network blockchain is 276,951 Megabytes (Mb), an increase of 1,119 Mb from last week.
The processing capacity fell compared to last week, leaving this metric at 98,356 Exahashes per second. Last week, the processing capacity was 121.08 Exahashes per second. The processing capacity has been steadily decreasing since May 11th. In addition, the difficulty of mining the network remains in the range of 16,105 Terabytes.
This week, there were changes in the distribution of the top 5 mining pools on the network. F2pool increased to 19%, Poolin dropped to 13%, AntPool dropped to 12% and BTC.com increased to 12%. Fifth place is back to ViaBTC with 7% of the network’s hashrate.
In Bitcoin’s mempool the weight of each transaction per second is 2,475 VBytes. In addition, the size of it is 128 Mb, which is equivalent to 91 blocks to be confirmed. Meanwhile, on May 20th, there were 64,765 transactions per 1 sats/VByte to be confirmed in the Bitcoin mempool.
The average cost per transaction increased to $6,429 sats/Vbyte. Last week the cost was $2,789 sats/Vbyte. The increase in the average cost per transaction has risen due to congestion on Bitcoin’s network since the third halving occurred. On the other hand, it should be noted that the number of confirmed daily transactions fell to 274,897. This means that this metric decreased by 20.36% compared to the 345,215 confirmed transactions last week.
The ERC-20 token
A new ERC-20 token that is anchored to Bitcoin was deactivated two days after its launch. The tBTC token, which would have been backed up 1:1 with bitcoin on the Ethereum blockchain, was temporarily suspended, and no official reason was given for this.
Developer Matt Luongo, founder and CEO of the startup Thesis, reported in the early morning hours of Monday May 18th that the deposits were suspended for 10 days until the programmer team was solvent; this could be a coding problem. Luongo said that the funds held on the platform are safe for the moment, but may not be if they are not withdrawn within the 10-day break.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRIPTONOTICIAS, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
CrowdFundMe starts the placement of minibonds and prepares its first emissions
The Italian equity crowdfunding portal Crowdfundme, listed on Aim, announced that it is preparing the minibond issues of Hal Service...
Bitcoin volume has increased massively
On June 2nd, the Bitcoin price surprised with a jump above the $10,000 mark. The most recent study published by...
Hyloris will be listed on Euronext Brussels
The Liège-based biotech company, Hyloris created by Stijn Van Rompay has just unveiled its intention to be listed on Euronext...
Naturgy redoubles its efforts in ESG and sets environmental objectives for 2020
Naturgy plans to reduce the CO2 intensity of its electricity generation by 22%. 34% of its generation capacity will be...
Bitcoin miners sell more cryptocurrencies than they generate
According to the on-chain analysis portal ByteTree, Bitcoin miners sold 11% more BTC last week than they generated in the...
Featured6 days ago
Why the Fintech sector in Italy has to be further developed
Crypto7 days ago
How is cryptocurrency different from fiat currency?
Crypto6 days ago
The Monero software update is ready to be used by miners
Africa6 days ago
Crowdfunding seen as an innovative post-crisis financing mechanism in Tunisia