ON-CHAIN INSIGHTS: CRYPTO MARKET OUTLOOK REPORT, BLOCK CHAIN WALLET WILL BE CHEAPER NOW

ON-CHAIN INSIGHTS: CRYPTO MARKET OUTLOOK REPORT, BLOCK CHAIN WALLET WILL BE CHEAPER NOW

Bitcoin history doesn’t repeat, but it often rhymes. And even by crypto’s volatile standards, May was an eventful month.

There is (not a financial advice) conclusion that any new listing than did not exceed 15% before the listing is very risky, and launching features on such coins is a dead end. If the coin is below $1 and it was listed when it was less than 30% on other exchanges, it is risky too.

Although market movement shows crypto has already begun recovering from its May lows in the wake of positive national (El Salvador) and institutional adoption developments. For example, MicroStrategy’s well oversubscribed $500m debt offering to buy more bitcoin.

The strong performance of gold in May +8% as price inflation data comes in hot is bullish for the bitcoin hard asset investment thesis.

Highlights from the Blockchain.com:

-Activity on the Bitcoin network continued to decline for the month. 

-The average fee per transaction was $15, a decrease from last month’s $30. 

-Surprisingly, the estimated hash rate increased 2.5%, showing that mining bitcoin has remained profitable for most of the miners despite the drop in price. 

-After months of a congested mempool, May saw a first drop in the mempool size around the 10th of May; this is a direct consequence of sustained hash rate levels and lower on-chain activity. 

-Users can take advantage of the low fees and consolidate funds into a single UTXO, making transactions cheaping to send in the future. 

-Sending transactions from the Blockchain.com Wallet will be cheaper now that it supports SegWit transactions and will continue to keeping the general state of the mempool low.

Watch Details:Bitcoin images