The price of the first cryptocurrency has decreased by 3.85% in recent weeks. The congestion on the Bitcoin network is steadily decreasing.

Bitcoin’s price has been fluctuating in recent weeks. Last May 20th, the price of the cryptocurrency was USD 9,525, whilst it is USD 9,158 at the time of writing this article. These figures represent a drop of 3.85%. Market capitalization increased to USD 168,390 million, which represents a fall of 3.82%, compared to USD 175,091 million previously recorded.

Bitcoin’s daily trading volume continues to decline. On May 20th, the trading volume was USD 36,067 million, but it is currently around USD 31,825 million. The drop in this metric in recent days is 11.76%, whilst the decrease in this metric was previously 14.78%.

On the other hand, the volatility of Bitcoin’s price remains in ranges similar to those of previous weeks. On May 20th, volatility was 13.38%, and it is currently around 13.57%. Finally, Bitcoin’s dominance is currently at 65.9%, representing a drop of 0.9% in recent days.

Bitcoin Mining

The size of the blockchain of the Bitcoin network is 276,951 Megabytes (Mb), which means an increase of 2,215 Mb, compared to previous days.

Hash rate continues to drop compared to previous days, leaving this metric at 90,293 Exahashes per second. The hash rate was previously 98,356 Exahashes per second. When analyzing the hash rate graph, it is possible to see that this metric has decreased steadily since May 12th. Furthermore, the network’s mining difficulty had an adjustment and is in the range of 15,138 Terabytes.

In recent days, there have been changes in the distribution of the 5 main mining pools on the network. F2pool decreased to 18%, AntPool increased to 13%, increased to 13%, and Poolin remains at 13%. 1THash & 58COIN is in fifth place, with 7% of the network’s hash rate.

In the Bitcoin mempool the weight of each transaction per second is 1,205 VBytes. Besides, its size is 48 Mb, which is equivalent to 38 blocks to confirm. This implies a decongestion of the network since the size of the meempol was previously 128 MB, around 91 blocks to confirm. At the time of writing this article, there are 9,705 transactions to confirm for every 1 sats/VByte.

The average cost per transaction decreased to USD 2,402 sats/Vbyte, which was previously USD 6,429 sats/Vbyte. The average cost per transaction has decreased because there is no more congestion on the network; thus, transactions do not require high fees to confirm quickly. On the other hand, the number of confirmed daily transactions increased to 295,782, compared to the 274,897 confirmed transactions in previous days.

Blockchain Technology

Last May 26th, Chris Belcher released a design for an implementation based on an old technique, called CoinSwap. The proposal allows for non-custodial transactions to be camouflaged improving privacy, based on the idea of ​​atomic swaps.

Belcher not only presented the first viable implementation design for CoinSwap. He also assured that he will continue working on the independent software, which will turn the tool into a Bitcoin wallet application.

Blockchain developers should always seek ways to make improvements that guarantee users’ security and privacy. In this way, investors will be able to safeguard their holdings without fear of being robbed.

By Willmen Blanco


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