Bitcoin Network and Market Update for 26 May 2020

Siamak Masnavi

This article provides an update on the state of the Bitcoin network (on-chain analytics) and market (price action analysis and investor sentiment). It also looks at recent news that might have affected the price or Bitcoin (or might do so in the future), as well as interesting tweets about Bitcoin from prominent members of the crypto community.

Bitcoin Supply

  • Reported Supply: 18,382,738 (as of 25 May 2020)
  • Maximum Supply: 21,000,000

This chart from Bitcoin Visuals shows how Bitcoin's total supply has changed over time:

Bitcoin Total Supply From Bitcoin Visuals - 26 May 2020.png

Bitcoin Mining Hash Rate

The following chart from Bitcoin Visuals shows how the Bitcoin network's hash rate has changed since May 10 (the day before the halving).

BTC Mining Hash Rate From Bitcoin Visuals - 26 May 2020.png

The pie chart below from Coin Dance shows the distribution of Bitcoin's hash rate across various mining pools for the past seven-day period:

Mining Pool Share From Coin Dance - 26 May 2020.png

Fees Per Bitcoin Transaction (USD)

The red line on the chart below from Bitcoin Visuals shows how the average fee per Bitcoin transaction (in USD) has changed since the start of 2020.

Fees Per Trabsaction From Bitcoin Visuals - 26 May 2020.png

Here are a few interesting data points:

  • January 1: $0.24
  • March 12 ("Black Thursday"): $0.98
  • May 11 (Halving Day): $2.06
  • May 20: $7.25 (highest fee in the year-to-date period)
  • May 25: $2.86

Active Bitcoin Addresses

The chart below from on-chain market intelligence startup Glassnode's "Glassnode Studio" shows how the number of active Bitcoin addresses has changed since January 2009:

Active Bitcoin Addresses From Glassnode - 26 May 2020.png

IntoTheBlock's Actionable Signals

We can view IntoTheBlock's "Actionable Signals" for Bitcoin if we go to the "analysis" tab on the price information page for Bitcoin on the CryptoCompare website and lick/tap on the button "See more signals":

ntoTheBlock Signals - 26 May 2020.png

Here is how CryptoCompare, which entered into a strategic partnership with IntoBlockBlock on March 10, explains the meaning/significance of these signals:

"Net Network Growth (Signal) — A momentum signal that gives an indication of the token’s underlying network health by measuring the number of new addresses minus the addresses that have their balances emptied. It is bullish when more addresses are being created than emptied."

"Large transactions (Signal) — A momentum signal that is bullish when the short term trend of the number of txs > $100k is greater than the long term average."

"Concentration (Signal) — The Concentration signal is based on the accumulation (bullish) or reduction (bearish) of addresses with more than 0.1% of the circulating supply (large investors) as well as addresses holding 1%+ (whales)."

"In the Money (Signal) — This momentum signal calculates the net change of in/out of the money addresses. If the number of “In the Money” addresses is increasing — this would be a bullish signal. “In The Money” refers to addresses that would make a profit on the tokens they hold, because they acquired the tokens at a lower price."

Bitcoin's Recent Price Action

According to data from CryptoCompare, Bitcoin is currently (at 13:50 UTC on May 26) trading at $8,835, up 0.88% in the past 24-hour period:

BTC-USD 24 Hour Chart on 26 May 2020.png

Here are a few return-on-investment (ROI) figures:

  • 30-day period: +15.50%
  • year-to-date (YTD) period: +23%
  • three-year period: +330.55%
  • five-year period: +3627.84%

Featured Image by "SnapLaunch" via Pixabay.com