BTC miners earned up to four times more in revenue than their counterparts Bitcoin SV and Bitcoin Cash network combined as we can see in the latest cryptocurrency news today.
According to a tweet published on Friday from ‘’Shakepay’’, the BTC miners earned about $540,000 in transaction fees. This figure is up to four times higher than the $130,000 earned by miners on the BSV and BCH chains combined in the past 12 months. The data from BitInfoCharts.com shows that there is a bigger median transaction value on the BTC chain than the other two. Similar to the trend with transaction fees, the value of BTC transactions per day surpasses the one of BSV and BCH combined by a wide margin.
Bitcoin regularly posts about $500,000 in transaction fees alone on a daily basis. The Bitcoin cash miners, by comparison, see less than $200 in transaction fees per day. Back in 2019, the BSV miners were still running at a loss even when the chain split. The number one cryptocurrency is still some way off from the likes of Visa in terms of daily transaction volume. For now, bitcoin remains the king of low fee money transfers especially since a few days ago a bitcoin whale moved more than $468 million transactions for less than $400 in fees. The massive gap in transaction fee earnings makes up a great proof of Bitcoin’s primacy over the forked chains such as Bitcoin Cash. When it makes its improvements, the likes of BCH and BSV have yet to show some huge results in order to justify the strong arguments of their existence.
As previously reported in the altcoin news, more than 85% percent of Bitcoin SV transactions come from the weather app. After the rumors about the increasing block limit to 2GB, some have taken to troll the altcoin with ridiculous comments that regard the huge transaction blocks for weather reporting. When the year started, some exchanges such as Binance, delisted the BSV altcoin in response to the cyberbullying campaign of Craig Wright and Calvin Ayre against some people that ridiculed Wright of being the real creator of bitcoin.
Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
‘’Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.’’Currently, the price of the number one crypto assets is under resistance in the region above the $10,000 level and has settled in a range between $9,000 and $12,000. Kruger also noted the possibility of bitcoin dropping to $8,500 which is the midway point of the current performances for the year. Some other commentators stated that one of the reasons for the bitcoin retracement could be the CME futures gap. For Alex Kruger, filing the CME gaps is not a mere pointing to the absence of significant support or resistance as such price levels. The focus on the unfilled gapes just takes away from the never-ending trading activities occurring in the spot market. However, if bitcoin goes below the $9,000 price point, there is a chance of a huge fall to the $8,500 price mark. According to Kruger however, any further downward slide should be taken as a ‘’gift’’ or a buying opportunity which will help traders prepare for a fast upward movement beyond the current 2019 highs. While the signs all point for a bullish long-term for Bitcoin, Kruger believes that there are some strong headwinds for BTC. The profitability for miners is still high as long as the price of the number one asset remains positive. It will not be weird for miners to simply HODL not just for profits but revenue to be plugged in to cover the rest of the nodes as explained in the altcoin news previously.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
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