Bitcoin

According to Cointelegraph research, Bitcoin demand increases by half

Data released today by Cointelegraph Markets and Arcane Research show this despite investor concerns for the possible lack of incentives caused by halving the block reward for miners and the possible compromise of network security, The demand for Bitcoin (BTC) continues to increase worldwide.

According to Coinmarketcap, Bitcoin’s market cap is currently $ 173,312,189,647.

Is evidence of growing acceptance The total number of Bitcoin ATMs in operation increases to 8,000This is an increase of more than 90% since 2019. Bitcoin ATM operator Coinstar has reported a 40% increase in Bitcoin ATM usage since February this year.

According to Cointelegraph research, Bitcoin demand increases by half
According to Cointelegraph research, Bitcoin demand increases by half

Real daily BTC volume vs. BTC price. Source: Messari

Bitcoin vs. actual daily volume BTC price. Source: Messari

Bitcoin revenue and daily trading volume exceed the altcoins

Compared to Altcoins, Bitcoin continues to lead in market capitalization and transaction volume in US dollars. with a daily transaction volume of more than USD 10 billion. That number overshadows Ether (ETH) and Litecoin (LTC), which have a daily transaction volume of less than $ 500 million.

Currently for the month of May, The Bitcoin price has risen by almost 10%While altcoins such as Ether, XRP and Monero (XMR) hardly reach the breakeven point.

Arcane Research thought so too After halving May 11, miners are gradually returning to the Bitcoin Cash (BCH) and Bitcoin SV (BSV) networks), but both networks have seen their share of the overall SHA-256 hash rate drop sharply.

BCH and BSV hash rate stocks. Source: Cointelegraph Markets / Arcane Research

Share of the hash rate of BCH and BSV. Source: Cointelegraph Markets / Arcane Research

Bitcoin Cash fell from 3.4% to 2.07%a surprising 40% reduction. Meanwhile, Bitcoin SV fell from 2.39% to 1.55%a sharp reduction of 35%.

Private and institutional investors remain optimistic about the future price of Bitcoin

Bitcoin price increase newer was produced on a large scale, a bullish sign as a sign of it The mood among investors is high between private investors and institutional investors.

Total BTC Options Open Interest. Source: Skew

Full open interest in Bitcoin options. Source: Skew

In addition to more than $ 10,000 on May 14, Cointelegraph reported that week CME’s total open interest in Bitcoin futures has increased by 1,000% since the beginning of the month. This is a healthy and distinctly different signal since the small volume recovery after the March 13 decline when the price of Bitcoin reached $ 3,750.

Arcane Research thought so too significant growth in peer-to-peer credit markets and an increasing percentage of Women in jobs in the crypto sector This further shows that the Bitcoin network and ecosystem continue to develop positively.

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