Bitcoin rally backed by busier miners and lower fee
As Bitcoin (BTC) recovered and transaction volume increased too, transaction fees moved in the opposite direction as miners turned their machines on more.
Bitcoin has seen a big upward trend since early November. Analysts forecast more volatility this month, but also an appreciation. The world's largest currency broke the $ 16,000 level yesterday for the first time since January 2018 and has now topped $ 16,400 before being corrected.
At the same time, the trading volume has increased. As of this writing, Coinpaprika shows on November 13th that 1,552,121 BTC have changed hands so far, valued at around $ 25 billion. It is already above 1.52 million BTC yesterday and 31% above the 1.18 BTC observed three days ago, the lowest value recorded this week. For comparison, the highest number seen last week was 1.87 million BTC and the lowest was 1.2 million BTC.
Meanwhile, prices have fallen in the past ten days. After rising to $ 11.99 on November 3rd, 7-day moving averages fell 41% to $ 7 yesterday. It's still much higher than the $ 2.18 that was recorded before the last interest rate hike.
Average transaction fees paint a similar picture, falling 56.6% between November 3 and November 12. The $ 2.9 is still higher than the $ 1.17 in mid-October.
That being said, the hash rate or processing power of the Bitcoin network shows a picture of the reverse charges: after falling significantly in late October, it rose again on November 2nd. It rose 17.7% between that date and November 12. at 127.36 EH / s. It's still below the all-time high of 147.21 recorded in mid-October.
The difficulty of mining Bitcoin, or the measure of how difficult it is to compete for mining rewards, is expected to decrease again in the next adjustment in three days after the second-largest decline in network history.