Interdax’s overview of fundamental metrics, technicals and sentiment for bitcoin and ether.
Fundamentals
Key drivers of value.
Fundamentals: Top 5
The table below shows key metrics for the top 5 cryptocurrencies by network value.
Bitcoin experienced its second largest difficulty adjustment after the drop in hash rate on ‘Black Thursday’ (March 12th) with a decline of 16%. As the hash rate has been dropping inefficient miners have been cleared off of the network, known as miner capitulation.
The upcoming block reward halving (which is 43 days away) will increase the average cost of production for a single bitcoin to the range of $10,000 to $15,000, leaving only the most efficient miners standing and purging even more miners from the network.
BTC and the wider cryptocurrency market has recovered from the lows of March 12th-13th, but the correlation between BTC and the S&P500 remains elevated.
The table above shows the fundamental metrics for the top 5 crypto-assets. The average fees across BTC, ETH and XRP fell week-on-week while BCH and BSV experienced an increase in the mean transaction fees. BCH’s fees have shot up over 500% as compared to last week, despite a 63% drop in the number of transfers.
Active addresses grew for BTC and BSV, while they dropped for the rest of the top 5. The 7-day average number of active addresses for BTC has rebounded from the lows seen on March 25th. While for ETH and XRP, the 7-day average is falling or remains about the same as last week.
For the number of transfers, only ETH showed positive growth this week. However, ETH’s 7-day moving average of the number of transfers has fallen from the 2020 highs realised during mid-March. For BTC, this metric has fallen to the lowest level since March 2019 but looks to be reversing and heading higher.
For the 7-day total transfer value in USD, all of the top 5 crypto-assets have seen a decline in this metric over the past month as the number of transactions and prices have fallen.
Read more here:
