Bitcoin, the world’s largest cryptocurrency by market cap has been down in the dumps for a very long time and many speculate it to be the end of it, but to their surprise, but in hindsight, its fundamentals are growing stronger than ever.
Meanwhile, BitMEX exchange’s Bitcoin derivative trading volume shoots up to ~$1.8 billion in a time span of 24 hours with their XBT/USD trading pair as per the data from CoinMarketCap.
Anthony Pompliano aka Pomp, a Bitcoin enthusiast and co-founder at Morgan Creek Digital, has mentioned multiple times and recently in his blog about how the fundamentals of Bitcoin are growing stronger every day even with the prices dropping rapidly due to the brutal bear market.
Total Bitcoin Wallet Users
As per the data obtained from Blockchain.com, it can be seen how the wallet users for Bitcoin blockchain have been on a steady growth since its inception.
Total transactions on Bitcoin blockchain
The total transactions of Bitcoin on its blockchain has seen an almost exponential growth and is at an all-time high since 2009.
As seen in the chart above, the total transactions on the Bitcoin blockchain have reached a whopping $363 million.
Bitcoin’s cost per transaction
With the rise in the number of transactions, the transaction cost for Bitcoin has relatively decreased, which further increases the adoption of Bitcoin.
The cost per transactions has seen a decrease of ~87% i.e., from $162 to $20, with the current cost per transaction of Bitcoin at ~$23.
Pomp, in his blog also stated:
“Price is only one measurement of value for an asset. While it is important, it is not an important measurement of future value. The underlying fundamentals for the Bitcoin blockchain appear to be growing stronger despite the decline in the current price.
Don’t be distracted by the noise. Focus on the fundamentals. Bitcoin isn’t going anywhere.”
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