The Bitcoin price is still falling but fees are rising
Bitcoin

The Bitcoin price is still falling but fees are rising

By Matteo Gatti - 16 Aug 2019

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For four consecutive days bitcoin (BTC) has been showing significant declines. Until the early days of this week, the queen of cryptocurrencies was characterised by bullish behaviour. In the meanwhile, bitcoin fees are rising.

After trying to break the $12,000 threshold several times without success, BTC was showing signs of holding $11,000 and then collapsed in the last few days, settling around the psychological threshold of $10,000.

The behaviour of bitcoin in recent weeks has been very volatile with a trading range that has moved between $9,400 and $12,100. The market cap is currently at 180 billion with a market share of 68.6%. Dominance over the last 14 days has risen by an average of 0.2% on a daily basis, indicating that altcoins are not generating large gains.

In the last week, the number of transactions fell (-3.69%) while the average value of each transaction remained constant (-0.06%). In the last 24 hours, about 316 thousand transactions have been executed. Fees, on the other hand, have risen steadily.

Yesterday bitcoin fees averaged $1.51 per transaction with a growth rate close to 20% on a weekly basis.

 

The hashrate has been growing steadily since the beginning of the year, and as a result, the difficulty has risen and is now at an all-time high.

There are about 557 million bitcoin wallets containing some BTC. 2.53% of these wallets have executed transactions in the last 30 days. It should be remembered that over 90.61% of the bitcoins in circulation are contained in only 5 million wallets (1% of the total).

 

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