September 11, 2019

Bitcoin – Data

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2019 has been an epic year in Cryptocurrency history, dominated by another rise in Bitcoin price. But as we close in on the end of Q3, and the price hovers around $10K USD, the question is how it will close out the year? Like 2017 (boom), 2018 (bust) or somewhere in between.

The following post provides some raw data in relation to Bitcoin. It doesn’t argue for or against its future, just lays out some different data points that remain relevant for its understanding.

Bitcoin now ranks in the Top 30 Currencies by global market cap.

Bitcoin Dominance continues to hover around 70% in 2019; however, volume-weighted data shows that Bitcoin volumes consists of more than 90% of volume among other Cryptocurrencies.

Bitcoin’s difficulty has steadily increased throughout 2019, indicating an expectation among miners that the price will continue to increase through the end of 2019.

One ongoing concern among skeptics remains the amount of Tether USD (USDT) being printed, and the correlation of that volume to the rising price of Bitcoin. The implication is that printing USDT could be causative in the rise of Bitcoin price, while others believe it is simply correlated.

The below set of graphs is a series of data shared by a Senior Quantitative Researcher on Bitcoin @hansthered.

In total there are 21 charts in the thread, below are a few cherry-picked charts to see the overall trend.

More and more Bitcoin addresses are being generated and the number of wallets that hold more than 1 BTC is at an all-time high, indicating that more and more users are accumulating and saving Bitcoin.

CAPEX investment in mining is growing, while transaction fees are dropping, a very bullish signal from miners.

Payments company Square had exponential growth in Bitcoin volume in Q2 ’19 earnings from its Cash App, showing an increasing consumer appetite for Bitcoin in the US.

Payments company Square released its second-quarter earnings on Thursday, revealing its crypto-friendly Cash App made $125 million in revenue from bitcoin this quarter. This is nearly twice as much as it made in the preceding quarter.The higher revenue led to a $2 million gross profit purely from bitcoin alone. Square’s bitcoin sales have been increasing, and accelerating, for the last five quarters. In Q1, 2019, it registered a record-high $65.5 million in revenue and $832,000 in profit.

Yahoo Finance

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