Fundamental analysis remains the best means of assessing Bitcoin’s long-term potential. According to cryptocurrency analyst Anthony Pompliano’s Off the Chain podcast, these fundamentals are only getting stronger.
The Current State of Bitcoin’s Fundamentals
Here’s the breakdown of where Bitcoin is right now:
- Currently, there are just under 17,700,000 bitcoins circulating — of the total 21,000,000 possible.
- Bitcoin’s hash-rate is only getting stronger, with a marked increase since January 2019. Bitcoin’s network has grown to be more secure by 10x in just two years.
- The cost-per-transaction has dropped by 60 percent over the past 12 months.
- The number of transactions-per-day on Bitcoin’s blockchain has increased by over 70 percent in the past two years. After hitting a local low in May 2018, it has consistently risen and is currently close to its all-time high.
- Bitcoin wallets continue to grow rapidly. There are now over 35M Bitcoin wallets. That’s an increase of over 2.5x in just two years.
- Miners are making 3.5x more mining Bitcoin than they were two years ago.
In short, Bitcoin’s network today is larger, more secure, and more trusted than ever before.
Despite Bitcoin being a highly-volatile asset, it has been nonetheless strengthened by its fundamentals in a short span of two years.
The positive indicators since 2019 seem to indicate that the current price rebound can be linked to Bitcoin’s improving fundamentals. Transactions are cheaper now and daily transactions are close to their all-time high. The network is also more secure than it ever has been before.
Although Bitcoin remains elusive for many traditional investors, those who have the patience and resolve to stick around, in due time, may be rewarded. After all, the 2018 bearish nightmare appears to be behind us.
Do you agree that Bitcoin’s fundamentals are better than ever? Let us know your thoughts below.
Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun!
Images courtesy of Shutterstock, Trading View and Twitter.
Disclaimer. Read MoreRead Less
As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions.
The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.