Bitcoin is one of the most popular cryptocurrency. Several people are using the platform for their dealings around the globe. Just like all the other cryptocurrency Bitcoins also go through phases of glory and decline. This year was not so in the favor of Bitcoins initially.
The overall digital cryptocurrency was facing downtime due to the Corona Virus situation etc. This trend is now changing. From the first month of July, it has been noted that the transaction values of Bitcoins have been increasing which is a good sign anyways.
Dramatically Increased Rate
The overall transaction of the Bitcoin has been increased and now the net worth is around 150,000 US dollars. In comparison to June, this transaction is 500 percent increased.
From the month of July to date the slope of the transection rate of Bitcoins has been going upward astonishingly and dramatically. This increase was unexpected and surprising. This has caused such a trading dominance of the bitcoins that was last seen in the year 2017. This spike in the transfer rate of Bitcoins is however not constant and no one can tell what will be the situation in the next 24 hours.
This year was not so good for the cryptocurrency especially bitcoins. But nothing is constant in the World of digital trading. Before July, it was seen that the transaction was facing a static phase and was stuck at 25,000 US dollars. But only in a duration of 4 months, this value has been increased to an unbelievable value.
As reported on the 20th of October, it was noted that the transaction rate of bitcoin was 151,000 Us dollars. This ratio indicates an increase of 500 folds only in four months.
48 Hours Magic
According to the facts and figures presented by the Bit Infor Chart, it can be seen that the overall rate of the transaction of bitcoins has elevated up to 50,000 US dollars out of an overall spike of 105,000 US dollars only in the last 48 hours. Cryptocurrency analysts have presented that the current net worth of bitcoin transactions is more than any other currency running in the digital trading platforms right now.
This high wave of Bitcoin cryptocurrency transfer rate has to do a lot with the trading dominance of bitcoin that has broken all the records since the year 2017.
Comparison with Ethereum
If you compare the transaction rate of bitcoin with the transaction rate of ethereum it can be seen that the transfer rate of Bitcoin is 190 times more than that of the Enthereum. The transection rate of Enthereum is 793 US dollars.
This comparison reveals how Bitcoin is taking over the Digital trading market and making itself prominent and vital thus engaging more and more investors in it.
Although Bitcoin is facing a shinny period in trading however the past value of the transaction if Bitcoin can not be overlooked and that was around 350k and at the same time period the Ethereum value was around 1.29 million. Enthereum was engaging more and more users at that time. But now bitcoin has been leading since the month of July thus giving a downsloping to other currencies. If you want to learn more about the comparison of bitcoin with Ethereum, simply visit bitqt trading software.
Engagement of Investors
In the last 4 months, many ventures and organizations including Microstrategy, Grayscale, etc have invested a lot with Bitcoins. They have been collecting a huge amount of cryptocurrencies including bitcoins. This fact has been noticed by a number of institutional investors as well.
The overall engagement of Grayscale with Bitcoin Cryptocurrency can be estimated by seeing the total amount of BTC owned by it and that is less or more 449,900 bitcoins. This accounts for around 2.4 percent of the total bitcoin supply at the moment. Microstrategy also owned around 38,259 Bitcoins. Jack Dorsey has also invested around 50 million US dollars with bitcoins that makes around 4709 bitcoins.
Bottom line
The average transaction rate of Bitcoin digital currency has been increased by 500 folds since the month of July. The last four months were a lucky charm for the bitcoin cryptocurrency. The increase in the transaction rate of the bitcoin is linked with the trading dominance of the bitcoins that have broken the records of the year 2017. Enthereum is facing some down transactions because of the high engagement of people and venture investors with Bitcoins. But this difference is not permanent so nothing can be claimed.
Cryptocurrencies keep on shifting their trade dominance and transaction rate.
