Bitcoin Experiences Incredible Google Searches Resulting In High Hashing Power

Bitcoin statistics have been fascinating lately. July has seen fluctuating prices for Bitcoin. Other volatile statistics have heightened the uncertainty surrounding Bitcoin’s future. The most amazing of these statistics include the Google search trends, hashrate, and transaction volume.

Bitcoin has commanded more worldwide Google searches than stocks. In the global finance world, Bitcoin has beaten stocks reaching 24 out of 100 while stocks only managed 14/100. This achievement is a clear indication that the cryptocurrency is regaining the interest it once commanded.

An All-time High Bitcoin Hashrate

Statistics have established that Bitcoin has beaten its all-time high hashrate of 2018 with a 20% increase. However, Bitcoin forks’ hashing power has experienced worse than dismal performance. The hashrate of Bitcoin Cash (BCH) has fallen by 60% from its highest ever h/s. On the other hand, the hashrate of Bitcoin SV (BSV) has nosedived by an incredible 80%. These statistics could only mean two things. The first indication is that the transactional prejudice towards the initial protocol. The second one is that the whole market is developing distrust and is gradually abandoning the forks.

The Fluctuation In Transaction Volumes

Lately, Bitcoin has been recording unpredictable transaction volumes. All within 48 hours, Bitcoin has recorded its lowest as well as its highest transaction volumes in over two months. On 28th July, the transaction volumes hit their lowest. Bitcoin recorded only around $1.1 billion worth of economically lucrative transactions. The next day, however, the system beat its uppermost transaction volume since January of 2018. Bitcoin processed more than $6.3 billion of transactions with economic significance in that period.

The analysis of these transaction statistics establishes the variance between the raw tx volume and the adjusted tx volume. This way, all unproductive internal transactions get eliminated. Internal transactions entail the movement of money back and forth between Bitcoin’s cold or hot currency storage wallets (albeit while considering external transactions).

A major talking point is a fact that the adjusted tx volume hit above $5 billion in a day in 29th July for the first time ever. The question now is whether the reported increase in adjusted tx volume will continue. What’s more, will the Bitcoin prices increase alongside the transaction volume? All this remains to be seen.

Bitcoin’s Bull Market

The Bitcoin/USD has been a bull market for three straight days seeing the price rise from $9,530 to $10,425. The current BTC/USD price is $10,481.72. The simple moving average for 50 days (SMA 50) has crossed over with the SMA 20 curve. This change is a downward market price trend. The candlesticks for the latest two days lie between the SMA 50 and SMA 20. The Elliot wave oscillator has seen five consecutive bullish periods. The moving average convergence/divergence indicator indicates that the market trend is reporting an optimistic from a bearish trend. Investors are now waiting to see whether the Bitcoin will steady up through the 2019 summer, or resume the winter’s downward trend.

Things are looking up for the crypto market as all the major cryptos are trading on a bullish trend today. These other major cryptos include Ethereum, Ripple and Litecoin.