BTC/USD market overview: Bitcoin gets more Google searches than Stocks, out-hashes its forks, price reacts favourably
- Bitcoin's hashrate is up more than 20% from its 2018 high.
- Bitcoin network witnessed its lowest and highest transaction volumes in two consecutive days.
Bitcoin stats have recently made for some interesting reading. The statistics that we will be looking into are Google search trends, hashrate and transaction volumes.
Google search trends
According to the Google search trends, more people are learning about Bitcoin than about stocks. As per the worldwide Google searches in the finance category, Bitcoin reached 24 out of 100, while stocks stood at 14. This clearly indicates that the interest is beginning to return to the decentralized currency.
Hashrate
The statistics reveal that Bitcoin's hashrate is up 20% from its 2018 high. However, the hashrate of Bitcoin forks has taken a beating. Bitcoin Cash's (BCH) hashrate is down 60% from its all-time high while Bitcoin SV (BSV) hashrate is down a significant 80%. This divergence indicates two things. Firstly, there is a transactional bias towards the original protocol. Secondly, the overall market is losing trust and moving away from the forks.
Transaction Volumes
Bitcoin has been very volatile in recent times. The network witnesses its lowest transaction volume recorded in the past 2+ months on July 28. Only about $1.1 billion of economically useful transactions were processed on the Bitcoin network. However, on July 29, it saw its highest transaction volume recorded since January 2018, with over $6.3 billion economically beneficial transactions in one day.
The difference between the adjusted tx volume and raw tx volume eliminates internal transactions that are not productive. Internal transactions include exchanges sending money back and forth between their own hot or cold storage wallets. It's interesting to note that the adjusted tx volume has never jumped over $5 million until July 29. One's yet to see if the rise in adjusted tx volume will continue and whether Bitcoin prices will rise alongside the increase in transaction volume.
BTC/USD daily chart
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BTC/USD has had three bullish days in a row which has taken the price up from $9,530 to $10,425, breaking out of the triangle formation. Currently, BTC/USD is priced at $10,370. The 50-day simple moving average (SMA 50) curve has crossed over with the SMA 20 curve, which is a bearish sign. The two latest price candlesticks are sandwiched between the SMA 50 and SMA 20. The Elliot oscillator has had five straight bullish sessions. The moving average convergence/divergence (MACD) indicator shows that market momentum has changed from bearish to bullish.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
