Despite the consolidation happening in the Bitcoin market, the leading cryptocurrency has emerged as an efficient settlement network based on the low fees charged.
“The Bitcoin network transferred $50 billion of value daily over the last month for an average fee of 0.001012%. Said differently, $98,769 of value was transferred for every $1 paid in fees.”
This shows that Bitcoin is continuously cementing itself as an ideal medium of exchange because it attracts minimal fees.
Is the current sell-off mostly happening during U.S. trading hours?
According to Vetle Lunde, an analyst at Arcane Research:
“The entire sell-off since April has occurred during U.S. trading hours. The cumulative YTD return of BTC during U.S. trading hours has plunged from 4.22% on April 1st to -32.55% today. During Euro and Asian trading hours, BTC has seen flat returns since Apr 1st.”
Therefore, this suggests that while Bitcoin traders in the U.S. are selling, their counterparts in Asia are buying. Will...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...