What happened to Bitcoin in the last week
The price of Bitcoin fell almost 5% from a week ago and the price volatility increased to 13.5% in the last seven days. The daily traded volume of Bitcoin continued to decline. The processing capacity fell compared to last week, leaving this metric at 98,356 Exahashes per second. The average cost per transaction increased to $6,429 sats/Vbyte. Last week the cost was $2,789 sats/Vbyte.
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.
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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.
(Featured image by ElvindPedersen via Pixabay)
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First published in CRIPTONOTICIAS, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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