Market Commentary

What will March Mean for Bitcoin Based on February’s Positivity?

Nhial MajokFeb 16, 20222 MINS
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Week’s Price Overview
In the last week, bitcoin crossed to a high of $45,661 on 10th February with a 24-hour trading volume of $29.91 billion. As at today’s average of $43,681, a bullish sentiment holds for the pioneering cryptocurrency. With 18.9 million bitcoins in circulation, investors are presently keen on protecting their crypto gains from expected macroeconomic shocks this year. There are more instruments available for hedging investor funds.
Active and New Addresses
According to Glassnode analysis, there are 942,988 active bitcoin addresses as of this week, which is a drop from the previous week’s number of 962,205. This is the number of people making transactions with bitcoin wallets as senders or receivers. This is yet to catch up with the previous high of 1.2 million active addresses in mid-May 2021 (9th — 11th May), when the price of bitcoin ranged between $56,714 and $58,218. There are 396,526 new addresses this week.
Number of Bitcoin Transactions and Transfer Volume
This week, the peak number of transactions was 259,623.8 on 11th Feb, and an apparent low of 240,993 on 13th February. $244.7 billion in bitcoin was transferred on 10th February, with bitcoin’s price at $43,508 and this hit an apparent low of $174.1 billion as of 15th February, with bitcoin’s price at $44,000.
Technical Summary on Mean Hash Rate, Mining Difficulty, and Mean Block Interval
The mean hash rate has ranged from 185–248E/s; with mining difficulty at 1.14e+23, the highest difficulty since inception. The mean block interval is currently at a low of 544 seconds; which is the lowest in February.
The mean transaction fee rates ranged from $3.33 or 0.00007512 BTC, the highest recorded on 10th February and the lowest known on US$ 2.00 or 0.00004564 BTC on 15th February. The total transaction fees recorded in the last week were 19.58 BTC on 10th February (highest) and 8.7 BTC recorded on 13th February (lowest). Compared to the global percentage of financial transaction fees, this is near zero.
Conclusion
With increasingly strong fundamentals, bitcoin remains attractive to investors looking to play the long game, and in this estimate, March could mean more active users, higher price estimates for bitcoin, and a more robust crypto market valuation. These insights capture the week’s picture of where bitcoin adoption stands, geared toward creating an appreciation of growth rather than a push toward fearful gambling with perhaps the greatest gift of history to a generation.
Happy investing!
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