Despite Red Bitcoin, On-Chain Signals Flip Green

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,223,158,734,664	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,223,158,734,664

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-62.42	-0.10%	62,271.93	62,277.06	62,277.07

Price Change

Price Change %

Current Price

Bid Price

Offer

-62.42

-0.10%

62,271.93

62,277.06

62,277.07

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,013.05	62,032.00	62,384.32	62,334.35	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,013.05

62,032.00

62,384.32

62,334.35

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:55:43	0.001600	62,271.93	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:55:43

0.001600

62,271.93

USD

Price x Volume	Volume	Base Symbol	Related Pairs
224,265,395.28	3,590.17	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

224,265,395.28

3,590.17

Despite Red Bitcoin, On-Chain Signals Flip Green

08/12/2021 11:00pm

NEWSBTC

Bitcoin on-chain signals have remained green despite the recent red week. Bitcoin’s price had taken a plunge towards $40K and had brought a lot of losses with it as billions of dollars in long positions were liquidated on December 4th in one of the sharpest declines of the year. Mostly this has brought down a number of metrics associated with the asset but on-chain signals remain resistant. On-chain data all ranging from miner revenues, transaction fees, hashrate, and daily transaction volumes have all shown positive trends for bitcoin. None of this has been affected by the price decline. Related Reading | Number Of Bitcoin Lightning Network Nodes Jumps 23% In Three Months Hashrate Continues Recovery Trend Bitcoin hashrate had taken a big heat with the China crackdown on mining that took place earlier in the year. The region had gone from providing about 70% of the mining power to almost zero in a matter of weeks, leaving the hashrate to suffer greatly. This has since been rectified as bitcoin miners have found new locations to resume their mining activities. BTC hashrate recovers post-market crash | Source: Arcane Research Since then, hashrate has been gradually picking back up and in the past week saw a significant increase. Bitcoin hashrate is up for the past seven days after the first difficulty reduction following ten difficulty adjustments. As the difficulty has dropped, so has the profitability of mining activities increased. Given this, more miners have gotten back in the game and set up their mining rigs once more, leading to a rise in hashrate. Arcane Research also reported that this increased hashrate has led to an increase in block production rate. As more miners come back on board, an average of 6.46 blocks have been created each hour in the past week. This represents a significant increase of 11% in the same time frame. BTC loses footing at $50,000 | Source: BTCUSD on TradingView.com Bitcoin Transaction Fees Rise Bitcoin transactions fees have remained low through the past weeks, but there was a recorded increase in fees in the past seven days. On average, bitcoin transaction fees grew by 33%. This growth however does not do much for miner revenue. Even though fees are up, they are still relatively meager and only bring in about 1.7% of the total miner revenues. Related Reading | Majority Of Bitcoin Investors Got In This Year, Says Grayscale Average transaction value also jumped in the past week. As investors rushed to sell their holdings during the crash, the average transaction volume climbed by 8.3%. This was mostly due to holders who hold larger volumes moving their BTC to exchanges to sell, not only increasing average transaction volume, but also transaction fees at the same time. Bitcoin daily miner revenues in the first week of December was $52,271,223 compared to daily revenues of $49,975,895 from the previous week. Fees per day, as well as transactions per day, were up at $891,499 and 276,680 respectively. Featured image from PSU Watch, charts from Arcane Research and TradingView.com

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