The bulls are back in town and the Bitcoin [BTC] market has never looked greener. Well, not for the past 13 months atleast. With BTC soaring over $9,000 and looking likely to hold, the excitement in the collective market is palpable. However, if much-required perspective were to be thrown into the mix, the price pump would look paler by the minute.

Despite the fact that Bitcoin reached yet another milestone, the market’s stark differences over time over several factors paints a not-so-positive tale for the cryptocurrency. Kevin Rooke, a Canadian cryptocurrency analyst, gave some crucial perspective to the cryptocurrency community and, presumably unintentionally, dampened the bullish tendencies of the market.

Rooke compared several fundamental figures between the two times Bitcoin surged over $9,000; the first on November 27, 2017 and the next being the coin’s present run.

Bitcoin payments are down since the last week of November 2017, despite the popularity of the coin being on the up-and up. Payments in November 2017 were 625,210, while currently the same stands at 502,175. Transaction volume in USD was down by 69 percent from $7.04 billion to $2.21 billion, while fees dropped by the same margin as well.

Although the chart shows daily active addresses falling by 19 percent as on June 15, just two days later, the addresses crossed over 1 million for the first time since 2018.

Source: Twitter

Bitcoin’s hashrate has risen by 415 percent over the past 18 months. Bitcoin miners are increasingly ramping up their operations owing to the fact that the third Bitcoin halving is scheduled to take place next year. Many analysts have stated that the rise in BTC’s price and the larger market could be due to the halving bulls buoying the market, and the hashrate increase is further evidence of the same.

While the hashrate and mining rewards high maintain high block generation, median transaction volume is dropping. The aforementioned figure is down by a whopping 76 percent since November 2017. Additionally, transactions per block are also down by 3%.

The post Bitcoin’s second foray over $9,000 tempers bullish sentiment; perspective over price? appeared first on AMBCrypto.

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