Bitcoin News Today – Headlines for May 16

  • There is a growing demand for Bitcoin across the globe
  • The total number of functioning Bitcoin ATMs increases to 8,000
  • Bitcoin continues to outperform altcoins in gains and transaction volumes

Bitcoin News Today – The third Bitcoin halving, since its emergence, just took place on Monday, May 11. Since the halving, the price of the digital currency has been in the bullish zone, and it is currently trading over a long-term major hurdle point. While the long-expected impact of the halving is yet to play out, many investors, traders, and analysts remain bullish on the market, with high expectations in the near term.

Bitcoin Demand Continues to Grow Globally

Recent data from Arcane Research and Cointelegraph revealed that the demand for Bitcoin is surging higher across the globe. This growth comes despite the fact that there has been a reduction in block mining reward on the network. The total number of functioning BTC ATMs has surged enormously recently, and this further proves that there is a considerable increase in the demand for the digital currency.

The functioning BTC ATMs have surged to 8,000, an increase of more than 90 percent since 2019. Coinstar – operator of a Bitcoin ATM – also reported an increase of 40 percent in the use of BTC ATM since February this year.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$54,994.00
0.640%

Bitcoin Outperforms Altcoins in Transaction Volumes and Gains

Bitcoin has put up a pretty interesting show over the past weeks. The digital currency has continued to show strength against the currency of some of the top nations in the world, stocks, and even altcoins. Bitcoin has continued to hold its position as the world’s largest digital currency by market cap. BTC is also leading in the USD transaction volume with a daily transaction volume of over $10 billion.

That figure eclipses Ethereum (ETH) and Litecoin (LTC), with both of them recording daily transaction volumes of less than $500M. This month alone, the price of Bitcoin is up by about 10 percent. Whereas, alternative coins such as Ethereum, Monero, and Ripple’s XRP are hardly breaking even.

Arcane Research also revealed that miners have been gradually moving back to the Bitcoin Cash and Bitcoin SV network after the halving on Monday. Nevertheless, both networks have seen a considerable decline in their share of total SHA-256 hashrate.

Institutional and retail investors are still very much bullish on Bitcoin; they believe the digital currency would skyrocket in the future. The recent price action of the digital currency has also attracted more investors and new players as well. The world’s largest digital currency by market cap is currently changing hands around the $9,400 mark after a decrease of about three percent over the past day. Nevertheless, Bitcoin is still in a bullish zone and it might continue its upside move soon.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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