The boring price behavior of Bitcoin has motivated many people to seek other avenues within the crypto market. Bitcoin losing ground? And it is that, the mark of USD 11,000 continues being an obstacle that the price has struggled to overcome. Let’s look at some news highlights regarding BTC.
Coinmetrics Notes ETH Cumulative Fees Doubled BTC’s
The cumulative transaction fees paid to Ethereum (ETH) miners for 2020 are now close to double that of Bitcoin (BTC). With a price of USD 276 million compared to USD 146 million.
A graph published by Coinmetrics highlights how Ethereum fees saw a sharp increase in the latter part of the year. Coinciding quite closely with the launch of the Compound token incentive. The 2020 cumulative fees on Ethereum matched those on BTC on August 12, continuing a dizzying ascent since then.
This marks a distinct change from the trends in transaction fees of previous years, where Bitcoin generally dominated any other network by a wide margin.
Cambridge University Study Claims 90% of Bitcoin Trading Happens Off the Net
The largest number of operations that are carried out with cryptocurrencies are not registered in the main blockchains of the ecosystem. At least that’s what a recent study from the University of Cambridge suggests, which assumes that 90% of trades happen on exchanges. And that they continue to favor the use of BTC due to its greater demand in the markets and its ability to convert to other currencies. Is Bitcoin Losing Ground?
According to the Cambridge School of Business’s ‘Third Global Cryptocurrency Comparative Study’, analysis of 25 cryptocurrencies such as Bitcoin suggests that global exchanges occur off-grid. Because blockchains, which record each other’s transaction history, are used more as settlement platforms.
In addition, the study indicates that, during 2020, exchanges have begun to accept more stablecoins, cryptocurrencies anchored to the value of the dollar or another cryptocurrency. And local fiat currencies for operations on their platforms.
In this sense, the document describes that 55% of exchanges have started accepting stablecoins, compared to 11% that accepted them in 2018.
For its part, the study pointed out that the dominance of Bitcoin as the most used cryptocurrency in exchanges decreased in 2020. Now only 90% of exchange platforms accept it (until recently, it dominated 98%).
Bitcoin Miner Producer Ebang Blames Coronavirus For 50% Drop In Revenue
Ebang has said that the side effects of the coronavirus outbreak caused revenues to fall by half in the first six months of 2020.
Total net revenue for the Nasdaq-listed mining equipment maker plummeted to $ 11 million in the first half of 2020. Down 50.6% from the $ 22.35 million earned in the same period last year, according to a SEC filing.
In a statement, Ebang Chairman and Chief Executive Officer Dong Hu linked falling revenue to the pandemic, which prompted chip suppliers to reduce capacity and led to a chronic shortage of raw materials that severely disrupted the business of Ebang.