On January 19, as of press time, the value of Bitcoin had plummeted by nearly 5% in an hour, when it was worth $ 8,650. Although this is the second time that the price of Bitcoin has plummeted after breaking the $ 9,000 mark this year, it still performs strongly in terms of on-chain network activity and usage.
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According to reports, Bitcoin's blockchain activity also continued its upward trend this week. Interestingly, it has reached levels not seen in the past two months. According to Arcane Research's latest weekly report, Bitcoin's blockchain activity has returned to November levels.
Bitcoin's blockchain transaction volume achieved a phenomenal increase of 90% in 2020, and this development effectively pushed the 7-day average value of transfer transactions to $ 6 billion.
Source: Arcane Research | Confirm transactions daily: 7 days on average
In addition, the fees of miners are also increasing. Arcane Research states,
"Miner fees are increasing at the same rate, and by 89% so far by 2020. Although price behavior in the market has created a feedback loop on blockchain activity, it is a healthy sign that blockchain activity It seems to be turning around. "
Source: Arcane Research | On-chain transaction activity: 7 days on average
Despite price instability, Bitcoin's on-chain activity hit a new high in 2019. However, this year it has also maintained a positive posture and launched several other indicators.
Previous reports have suggested that activity on the Bitcoin blockchain has made a comeback in the first week of January after a continued decline in December 2019. Arcane Research stated in its previous report that
"Activity on the Bitcoin blockchain started in the long-awaited rally."
In addition, Bitcoin's hashrate recently reached an all-time high, reaching a record 126.13 exahash / s before the third halving event scheduled for May this year. At the same time, its difficulty is declining, and it has accelerated its pace and approached the 15T level.