Bitcoin’s price may be volatile, hiking and dumping as the case may be, but cryptocurrency enthusiasts are not just looking at the price as a whole. What achievements has the virtual asset made so far, are there any improvements, and is there any hope that the cryptocurrency winter will be over sooner than we expect? While none of this is certain, it is worthy to note that Bitcoin ended the month of February in green.
Most Popular Cryptocurrency Ends February in Green
Since July, the most popular cryptocurrency based on market capitalization and number of active addresses has ended the month in the red. This means that the price it closed at was lower than its opening price for the day. However, this was not the case with February since the month ended on a better note. It also ushered the new month while Bitcoin’s price was on the rise.
Based on Coinmarketcap’s platform, Bitcoin on February 28 opened at 3,848.26 and closed at 3,854.79. Yes, the price change is definitely not a lot to work with, but we’re more concerned about the change in pattern. A difference after six months could signal an end to the cryptocurrency winter. Nonetheless, one has to be open-minded that this may still be another month without a significant difference.
Other Remarkable Events About Bitcoin in 2019
Asides from Bitcoin’s increment in price, other remarkable things have happened this year. For instance, a report from January 18 revealed that Bitcoin’s off-chain trading volume was the same as that of 2017 when the bullish run occurred. Specifically, the off-chain trading volume for the past ten months has risen by 63 percent.
At that time, the transactions per day had incremented from 200,000 to about 300,000. What was recorded in 2017 before the bullish run is a transaction per day of 300,000 which incremented to 350,000, dropped and then spiked over 450,000.
The Bitcoin trading volume in several countries such as Columbia, Peru, Venezuela, and Turkey was on the rise in 2018. The latter was unexpected given that it was a hangover year after December’s pump. While the spike in Columbia and Peru were attributed to users interest, that of Venezuela and Turkey was linked to the inflation rate and devaluing fiat currency in either country.
Bitcoin Payments on the Decline
Nevertheless, it has all not been rosy when it comes to the virtual asset’s performance in comparison to other months. BTCNN on February 26 informed that payments in 2019 that were made using Bitcoin have declined when compared with 2016. There is also an increase in transaction fees since the year began.