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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin is Fundamentally Healthier Than Ever, BTC Price Could Follow

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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Over the past week, Bitcoin (BTC) has shed 6.5%, falling to $9,500 from its former support of $10,000. Despite this downward price action, the fundamentals of the cryptocurrency continue to swell, pointing towards a potential rebound in the coming weeks and months.

Related Reading: Bitcoin Bull Jack Dorsey’s Twitter Hack Is a Wakeup Call for Crypto Security

Bitcoin Extremely Strong as a Network

According to data from CoinMetrics, Bitcoin remains strong as a network — price aside. In a recent tweet, Vortex, a prominent industry commentator, laid out three key metrics from CoinMetrics that only accentuates how price, on short-term time frames, shouldn’t be used as a way to gauge Bitcoin’s success.

Firstly, Bitcoin’s realized market capitalization, which is calculated by multiplying the price of each Bitcoin when it was last transacted by the transaction size, has passed the $100 billion milestone for the first time ever, cementing the cryptocurrency as a bonafide asset.

#Bitcoin is extremely healthy right now:

-Surpassed $100b realized market cap
-Mining revenue surpassing $14b
-Mining Hashpower hitting new ATHs

Source: @coinmetrics pic.twitter.com/tGfBp8NAyK

— Vortex | CTV / LNHANCE (@theonevortex) August 31, 2019

Secondly, Bitcoin miners’ aggregate revenue has surpassed $14 billion, meaning that over the crypto’s lifetime, its miners have made some $14 billion just for securing the network.

And lastly, mining hashpower has continued to set fresh all-time highs, in spite of the recent drawdown in the markets.

As reported by NewsBTC previously, the fact that miners continue to siphon capital and effort to secure the network shows that they are “extremely bullish”, especially with a halving in block rewards expected to activate in mid-2020.

Related Reading: Altcoin Season on the Horizon? Bitcoin Dominance Hits Historical Reversal Point

Not only are the Bitcoin network’s metrics indicating strength, but so is the macroeconomic and geopolitical backdrop.

As NewsBTC has detailed extensively over previous reports, the world isn’t in the best place at the moment. There is currently a raging trade spat between the U.S. and China (and Japan and South Korea), there are demonstrations in key cities across the globe over certain policies, analysts across the board are charting a recession, central banks continue to inject fiat into the economy, authoritarianism continues to gain popularity, and so and so forth.

Analysts say that this backdrop, harrowing as it may be, will only show that Bitcoin is needed. Travis Kling, a former Wall Street investor, said the following on the matter of central banks and America’s economic situation:

“The increasingly erratic U.S. president is yelling at an irresponsible central bank to act even more irresponsibly with its monetary policy, while running a $1 trillion deficit for the second year in a row… Central banks and governments are proving the profound need [for Bitcoin].”

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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