BTC Potential Growth & miners Selling Pressure a Report by CoinMetrics
According to the latest report of CoinMetrics labeled as the 24th issue of their State of the Network, the report has unveiled new things about the growing potential of the network for the future long term perspective. According to the firm’s stance, BTC transaction count does synchronize with the prevalent macroeconomic financial indicator because it is something different and you called it an alternative way of measuring growth potential and offer a single narrow spotlight on one individual economic activity.
Transaction Count
According to the information posted in the report, the transaction count is standing at 302,000 which had never crossed the figure of 400,000 that will surge the fees and motivate the market activators to carry out transactions through second layers.
Counting transactions on the blockchain layer and higher layers (in the future) is one important aggregate measure. An alternative related metric is transfer count which counts the total number of transfers within all transactions.
In their report, they claimed another startling fact that Bitcoin’s hash rate has been increased twice that recorded a high reach in Bitcoin’s entire history despite the capacity’s utilization which still standing at 87%. They have also shown a relatable interlink between BTC’s hash rate and industrial production of the nation.
Hash rate has increased from less than 5 million hashes per second during its first day of existence to a current hash rate of 90.91 million trillion hashes per second.
Miners are the Neutral Sellers
Miners are the only neutral sellers in the markets and it is estimated the Bitcoin worth $6 billion has been sold by the miners during the year which helps to break the even path of long-term trending behavior of BTC. The downtrend of hashing power can be related to the miners selling pressure of BTC.
The current hash rate is in line with recent historical averages but down from recent highs, mirroring price declines. Growth, measured over this interval, has only turned negative three times in Bitcoin’s history.
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