Bitcoin’s Continuous Rise in a Complicated Landscape
New data from Cointelegraph Markets and Arcane Research sheds light on the prevailing bullish trend for Bitcoin (BTC) amidst concerns about the block reward halving. While skeptics ponder the potential impacts on mining security, the undeniable truth is that global demand for Bitcoin is on the rise.
The ATM Revolution
The evidence is everywhere, and it starts with the number of Bitcoin ATMs. With the total rising to 8,000, there’s been a whopping 90% increase since 2019! Even Coinstar, a major player in the Bitcoin ATM space, has reported a staggering 40% increase in usage since February. Talk about a boom!
Bitcoin vs. Altcoins: The Undisputed Champion
Bitcoin isn’t just dominating in terms of popularity; it’s also leaving altcoins in the dust. It boasts a daily transaction volume exceeding $10 billion. To put that into perspective: Ether (ETH) and Litecoin (LTC) can only muster less than $500 million each in comparison. When it comes to popularity contests, Bitcoin is the prom queen while altcoins are still figuring out how to tie their ties!
Market Reactions Post-Halving
The halving on May 11 has led to some unexpected shifts. Miners are slowly drifting back to Bitcoin Cash (BCH) and Bitcoin SV (BSV), but both have seen a sharp decrease in their total SHA-256 hash rate. Bitcoin Cash, for example, has plummeted from 3.4% to 2.07%—a drastic 40% drop! Meanwhile, Bitcoin SV fell from 2.39% to 1.55%. Looks like those networks are feeling the heat!
A Bright Future for Bitcoin
As signs of bullish sentiment swirl, with Bitcoin soaring above $10,000 on May 14, retail and institutional investors are all aboard the BTC train. Fun fact: since the start of the month, total open interest on CME Bitcoin futures skyrocketed by 1,000%. That’s a solid indication that investors are feeling good about the future. Moreover, an uptick in peer-to-peer lending markets and a noteworthy rise in the percentage of women in crypto sector jobs indicate that the Bitcoin ecosystem is evolving, adapting, and welcoming a broader demographic.
