One of the most important principles for anyone, no matter what they do, is “information is power.” And here at CryptoTrend we keep this in mind, always trying to provide you with the best information, at the right time. This is why today we bring you 7 statistical data about Bitcoin, which you should know if you want to make the right decisions in the crypto market.
1- The price of Bitcoin
The first indicator that we must take into account when analyzing Bitcoin is, of course, its price. Especially now that, after having suffered the initial shocks of the Coronavirus in the economy, it seems that the price of the world’s first cryptocurrency could be on the road to recovery.
Thus, at the time of writing this article, Bitcoin is trading at $ 6,638 per BTC. An increase of 1.26% in the last 24 hours, which is in addition to the increase it had yesterday, to continue recovering the ground lost in the last two weeks.
This is driven, like the traditional financial market, by the political agreement reached in Washington to implement a stimulus plan in the economy.
2- Number of daily transactions
We continue with the second of the statistical data you should know about Bitcoin. We refer to the number of daily transactions, the best possible indicator of the vitality of the crypto market. Well, a large number of transactions indicates a high level of activity in the cryptocurrency.
This is particularly important since, if the experts of the crypto world agree, it is in the need to massify the cryptocurrency market. Well, only a large market with millions of participants can avoid the volatility in prices caused by the actions of a handful of large investors.
However, it appears that the Coronavirus is affecting this process. Well, since the crisis deepened in the West, the number of Bitcoin Blockchain transactions has decreased dramatically. From the band of 300,000 – 350,000 in which it was located in the month of February, to the band of 200,000 – 280,000 in which it currently operates. A bad sign for the crypto world.
3- Size of the Mempool Bitcoin
Our next statistic today is the size of the Mempool. It consists of all those transactions of the Bitcoin chain that are waiting to be confirmed. Therefore being the “waiting line” in the execution of operations with BTC, and a good indicator of the speed with which the cryptocurrency is working.
4- Capitalization of the crypto market
The fourth statistic of importance that we must mention, is the market capitalization of Bitcoin. Although in itself this data is nothing other than the multiplication of the number of BTC tokens currently on the market, by the price of each one individually, it is an indicator of the influence and stability of the cryptocurrency.
Firstly, since a greater market capitalization will mean that the changes in the price of the virtual currency will affect, more directly, the other crypto assets in the world. On the other hand, if the Bitcoin market has a larger capitalization, it will also be more complicated for its price to be manipulated by a few actors.
Right now, Bitcoin’s market capitalization is at a low point, at $ 123,975,012,000. After the loss of value of the cryptocurrency due to the Coronavirus crisis. Although it is beginning to live a timid rebound thanks to the increase in the price of BTC yesterday.
5- Number of unique active addresses
Although there are currently millions and millions of Bitcoin wallets worldwide. The truth is that not all of them are active. Well, the vast majority were created by users who abandoned them shortly after.
Hence the importance of our next statistical data, the number of unique active addresses per day. A better sample of the number of active crypto community users in the market, which stands at 528,586 today.
6- Hash rate Bitcoin
The hash rate is one of those figures that the crypto community is constantly keeping an eye on. And, it indicates the sum of the computing power of all the mining equipment connected to the Bitcoin Blockchain.
Therefore, at a higher Bitcoin hash rate, a greater processing capacity in the cryptocurrency network. What makes the BTC Blockchain more difficult to hack, providing greater security to users of the virtual currency. Currently at 108,616,241 TH / s. A high figure, but lower than those reached in January and February.
7- Total commission paid for transactions
Finally, the last of the 7 statistical data that we have talked about today, is the amount of commissions paid by users of the Bitcoin blockchain, to network miners. Which is obtained by adding the amount of all commissions paid to all BTC miners.
Thus, this figure becomes an indicator of the profits that, in terms of Bitcoin, the miners are receiving thanks to the users. As of today, the total of all commissions paid in the order of 45 BTC, distributed among all miners in the world.