Bitcoin’s market capitalization increased by 5% during the week between April 15th and 22nd. The trading volume of the main cryptocurrency in the market grew by 2.1%.
This article shows how the market keeps driving the slow advance in Bitcoin’s price. Besides, it indicates changes in metrics like market capitalization and daily trading volume, which will help better understand the current behavior of the Bitcoin market.
Regarding mining in the Bitcoin network, the processing speed in the network reached all-time highs not seen since last March, but this metric is currently dropping. Besides, by looking at the number of transactions to be confirmed, it is possible to see that the network is somewhat congested.
Bitcoin Market
Between April 15th and 22nd, Bitcoin’s price had a bullish momentum. The lowest price on the 15th was USD 6,569, while at the time of writing this article, the price is around USD 7,126, which represents an increase of 8.47%. On the other hand, Bitcoin’s market capitalization increased by USD 7.345 million, so this metric had an increase of 5.95%.
Regarding daily trading volume, the daily amount on April 15th was USD 32,042 million. In other words, this metric only increased by 2.1%, considering the 32,709 million current trading. These data could indicate a relative calm of the Bitcoin market since there are no abrupt changes in the daily amount.
Bitcoin underwent a major change in volatility, which was 22.42% that week. Its volatility is now in the 18.86% range. A drop of 3.56% may not seem much, but this metric allows calculating how much the price of Bitcoin can change in a period. On the other hand, the dominance of Bitcoin, which has not shown alarming changes, is currently 63.5%.
Bitcoin Mining
During the week between April 15th and 22nd, the size of the Bitcoin blockchain increased by exactly 1,199 megabytes. On the other hand, the processing speed of the network on April 15th was 118 Hexahash per second, figures seen since last March. However, the processing speed steadily dropped to 113.8 Hexahash per second on April 22nd. Besides, the network’s mining difficulty increased from 14,715 Terabytes to 15,625 Terabytes.
It is worth noting that there was a change regarding the distribution of the hash rate among the 5 main Bitcoin mining pools. F2Pool, Poolin, BTC.com, AntPool are still the top 4, but ViaBTC took fifth place from OKEx. F2Pool, Poolin, and BTC.com lost 1% of hash rate, compared to April-15 values. Meanwhile, AntPool increased by 2% and Via BTC went up by 6%.
In the Bitcoin mempool, the weight of each transaction per second is 4,383 vBytes. Also, the size of the mempool is 40 megabytes, which is equivalent to 36 blocks to be confirmed. At the time of writing this article, there are about 25,550 transactions to be confirmed in the Bitcoin mempool for every 1 sats/vByte. These values indicate that there is congestion on the network.
The average cost of making a transaction on the Bitcoin network remains at the same values as the week between April 15th and 22nd, that is, USD 0.51 sats/vByte. On the other hand, the number of daily transactions decreased, compared to 299,391 of that week. The current 310,851 represents an increase of 3.82% in the number of daily transactions.
By Alexander Salazar
