Bitcoin has already achieved mainstream recognition and several celebrities from the sports and technology sector have shown their interest.
Adam Back, CEO and Co-Founder of Blockstream tweeted: “Did you see that after 5 years CoinBase finally implemented batching? Their own blog posts about it admits it saved nearly 6x on fees; that’s 5 years of unused scaling opportunity.”
This Adam Back stated in response to a recent research, which reported that Bitcoin users could have saved almost 58,000 $BTC in transaction fees had SegWit and transaction batching been adopted earlier and more widely. This considered to be a staggering number.
Of note, SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain.
Reportedly, a recent research from Glassnode has to state that Bitcoin reserves on exchanges have fallen to a 14-month low, indicating that retail investors are not planning to sell their bitcoin any time soon.
General idea is that a decline in exchange reserves is a sign of no appetite to sell at the current price point.
Of note, Rafael Schultz-Kraft, CTO of Glassnode stated that the Bitcoin Short-Term Holder MVRV indicator suggests the start of a new bull phase.
On-chain data reveals that 95% of Bitcoin UTXOs are in a state of profit and for extended periods at this level is a characteristic of bull runs.
Sydney Ifergan, the crypto expert tweeted: “Bitcoin (BTC) is a different asset than lot of traditional investment vehicles. The idea of self-custody is becoming widely appealing.”
There is no denying that the institutional demand for Bitcoin is growing. Institutions are typically buying large numbers of shares in BTC to hold Bitcoin through Grayscale. This is because it offsets the security risks of directly holding Bitcoin.
Bitcoin (BTC) Dominance Index
Jordan Tuwiner, who teaches about Bitcoin recently spoke about his motivation to launch a bitcoin dominance index which will exclude ICOs, stablecoins and several other centralized projects.
Jordan has taught a lot for those who are new to Bitcoin because it is tricky to buy in the first place and to find the right exchange. He has provided overviews of identifying the right exchange for buying.
The price of the Bitcoin rises and falls and it is important to know what rules Bitcoin’s Dominance, which is knowing the Bitcoin’s value when compared to the overall trend in the cryptocurrency market. While it is true that Bitcoin is competing as money and not as a stock, from an investor’s point of view, it is important to understand the Dominance index.
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