Bitcoin [BTC], the largest cryptocurrency by market cap, has been through a roller coaster ride for over a year. The coin that led the bull run in late 2017 witnessed a fall of over 80 percent last year, thereby resulting in the doom of other coins in the market as well. Nevertheless, this year seems to be in favor of the coin, with some influencers claiming the coin already reached its bottom.
More so, the coin reached its highest point in the last five months as it breached the $5,500 mark earlier today. According to CoinMarketCap, at press time, Bitcoin was trading at $5600.93 with a significant rise of over 9 percent in the past seven days.
Anthony Pompliano aka Pomp, the co-founder and Partner at Morgan Creek, spoke about the coin’s upward trend in a blog post titled ‘Bitcoin fundamentals continue to strengthen’. He said on Twitter,
“Bitcoin’s fundamentals continue to strengthen. Don’t be distracted by the noise. Those with the greatest discipline and patience will be rewarded handsomely.”
This was followed by the Bitcoin proponent remarking that the price of the largest cryptocurrency was up by almost 50 percent since the beginning of this year. He stated that the focus should be on the “underlying fundamentals of the transaction settlement network” rather than its volatility.
He further listed down the fundamentals of the currency, which included the total coins in circulation, hash rate, mining revenue, cost per transaction, confirmed transaction, Bitcoin wallets, and its computing power. In terms of the coins in circulation, the influencer commented that there were already 17,700,000 coins, considering that only 21,000,000 would ever be in circulation.
Pomp also stated that Bitcoin’s hash rate witnessed a significant rise of over 10x over the last two years, adding to the network’s security. While the miner’s daily revenue has also seen a prominent rise of around 3.5x, compared to the previous two years.
The blog post stated,
“The cost per transaction has more than doubled in the last two years, but has fallen more than 60% over the last 12 months […] The number of transactions per day on the Bitcoin blockchain have increased over 70% in the last two years […] The total number of Bitcoin blockchain wallets has increased over 2.5x in the last two years.”
“Bitcoin is a highly volatile asset. It is misunderstood by many. But one thing is certain, the digitally native currency continues to strengthen over time. As with anything important in life, the maturation and mass adoption of Bitcoin will take time.”
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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.