- Bitcoin community exercise grew for the fifth month in a row.
- Mining problem and transaction payment additionally elevated in Might.
- The world’s largest cryptocurrency misplaced about 8.0 % final month.
Bitcoin might have misplaced about 8.0% final month as a consequence of macroeconomic uncertainty, however community exercise has remained extremely robust.
A JPMorgan analyst expects a slowdown within the hash fee
Might. the day by day community hashrate, a carefully watched metric that reveals the well being of the community, rose to a document excessive. This was the fifth month in a row that this indicator elevated.
Merely put, the upper the hash fee, the safer the community. Even so, JPMorgan analyst Reginald Smith mentioned on Friday:
We imagine that community hash fee development might decelerate within the coming months (maybe lagging behind the rise in BTC worth) because of the problem of acquiring out there rack area for funding.
When it comes to market cap, the 13 US-listed miners tracked by JPMorgan posted a mixed acquire of 5.0% to $6.7 billion final month.
Mining problem and transaction payment have additionally elevated
Mining problem, one other metric that usually strikes in tandem with Bitcoin’s hashrate, additionally hit a document excessive in Might.
The newest knowledge confirmed that the cryptocurrency transaction payment elevated final month as properly. JPMorgan’s Smith additionally mentioned in a analysis notice:
Transaction charges rose to greater than 5 Bitcoins for every block mined in early Might, which ought to result in a small C2Q23 revenue for the business as a complete.
Nevertheless, in current weeks, Bitcoin transaction charges have returned to the historic common of round 0.5 BTC per mined block. Final week, JPMorgan mentioned that Bitcoin must be value $45,000.
