Bitcoin (BTC), which recently plunged sharply towards the $3k level, is now correcting higher. The digital currency surged over the $4k level on Sunday, and it is still correcting higher. Over the course of the week, many analysts were worried that the digital currency would lose support at the $3,400 mark and decline beneath the $3k mark. But the reverse is the case, as the digital currency surged higher rather than plunging lower.
Bitcoin (BTC) Network Metrics Saw Reduced Performance
While Bitcoin (BTC) was correcting higher, two of its crucial network metrics experienced reduced performance all through the week. The first, which is the mining difficulty, declined by seven percent over the week. The mining difficulty signifies the number of miners on the network.
A CCN writer, David Hundeyin, said: “With respect to the reduced hashrate of Bitcoin blockchain caused by withdrawing miners, the Bitcoin network is built to adjust the difficulty level automatically to avoid a scenario where there are a massive transaction confirmation backlog and outrageous transaction costs. The 7% decline in difficulty level is likely the beginning of a similar difficulty readjustment pattern as BTC below $6k now seems to be a prolonged reality.”
There is also a massive decline in the number of reachable Bitcoin (BTC) nodes. This means that a lot of people have shut down their full nodes. According to Hundeyin, continuous decline in the reachable nodes could hypothetically result in increased centralization of Bitcoin’s network if only a few entities are in charge of the remaining full nodes.
If not checked over time, it could lead to 51% attacks and the situation of double spends which would destroy Bitcoin’s credibility. While this is very far from happening and unlikely to happen, it does show the effect of the continued bearish market on the blockchain of Bitcoin (BTC), he says.
An Average of 6 Bitcoin (BTC) ATMs Were Installed Every Day In 2018
An average of 6 new Bitcoin (BTC) ATMs were installed every day in 2018. This was noticed by Alan Wass of CCN. Wass said: “One of the most astounding figures from Data Light statistics is that 6 digital currency automated teller machines were installed every day on average this year. One of the major tools for wider digital currency adoption and integration is the availability of digital currency for the masses. That is what the increase in digital currency ATMs signifies.
3 Out of 100 American Internet Users Are Ready to Use Blockchain Banking Solutions
According to a recent survey, three percent of American Internet users said they are ready to use blockchain banking products rather than the conventional banking model. The survey was carried out by an ICO-funded blockchain banking solution.
Over thirty percent of the survey respondents said they are willing to use blockchain banking products if they feel they are ready. This means they are not ready at the time of the survey. More than sixty percent of the respondents said that they are not interested in blockchain banking solutions at all, adding that they don’t see any value in it.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently changing hands at $4,333 after an increase of 5.6 percent over the past twenty-four hours. The digital currency now boasts of a market cap of $72.54 billion with a trading volume of $4.29 billion over the past twenty-four hours.