The bitcoin network remains strong with gains in both activity and adoption, surpassing the expectations of many traders and analysts just 2 days after halving, according to data obtained by crypto analytics company Glassnode.
Transaction fees have increased exponentially as miners earn $ 2-4 per transaction in fees, which translates to almost 1 BTC per block. Add the mining rewards to that equation and you will get a total profit of 7.5 to 8 BTC per block which is not a bad thing considering how well BTC is performing in the markets.
Bitcoin's hash rates were not overly affected by the halving as it only fell slightly before recovering through thick and thin.
"The Bitcoin chain fundamentals fell slightly at week 19. GNI recorded a 2-point decline during the week, bringing its overall assessment of the Bitcoin ecosystem to 74 points, the 10th highest weekly value since 2017. This deceleration was mainly driven by sub-index sentiment, which decreased by 13 points ”.
According to Glassnode data, the Bitcoin network reached the "Highest possible value for the first time since 2017, making solid gains in both network growth and network activity." This could imply that users are increasingly interested in Bitcoin than in other cryptocurrencies.
On the other hand, the liquidity of the transaction increased while the commercial Liquidity decreased, as the FOMO and the hype began to fade from the markets and people began to use Bitcoin slowly as a method of payment of deposit of value (SoV). instead of speculating on it.
All of these improvements the bitcoin network is undergoing are helping the inevitability of mass adoption of BTC, even by those who rely on traditional finance that previously referred to cryptocurrencies as a fraud and a bubble.
Also, billionaire investors like Michael Novogratz They reiterate their trust in Bitcoin. In a recent interview, the billionaire cryptocurrency investor said that 'This is the perfect time' for cryptocurrencies.
Yesterday, Bitcoin exceeded $ 9,000 and now It is worth around $ 9,600 at the time of writing. Since halving monday, the BTC price has not spawned any major correction, holding above $ 8,500 and demonstrating healthy performance and increased user confidence.