Bitcoin is currently hovering around $7900 and $8100. Moments like this come with a lot of memories since it once reached this price height in 2017. There is an interesting characteristic between the current price height and the 2017 famous Bitcoin rally, and this article will introduce readers to a few of them.
One fundamental characteristic of the Bitcoin price at $7800 as the focal point is the volume in these separate periods. On 17th November 2017, bitcoin touched the $7800 price point before proceeding to record its all-time high. During this period, Bitcoin had a trading volume of $4 billion.
On 25 November 2017, Bitcoin recorded a total daily transaction of 337,000 across 697,000 unique addresses. Comparing this to 2019, Bitcoin transaction on 25th to 26 May 2019 was 390,000 across a total of 600,000 unique wallet addresses.
The difference between these figures is nothing other than a slim margin in transactions. On today, 12 June 2019, Bitcoin recorded a total volume of $18 billion, and this figure provides an indication of a wide improvement from its 2017 volume.
On 17 November 2017, the market cap of Bitcoin was around $128 billion. This was a little over 50% of the total market cap. On 20 November 2017, Bitcoin touched the $8000 price point with a market cap of 136 billion. On 11 June 2019, Bitcoin recorded a market cap of $140 billion with a price of $8000 and similarly, this makes over 50% of the total market cap.
However, there is a massive improvement in the market cap recorded two years ago. The reason for the difference in market cap at the same price of $8000 in 2017 and 2019 is the increase in the available supply. The available supply has increased from its figures in 2017 to record close to 18 million, demanding more amount of market cap to record the same figures it recorded two years ago.
Finally, the size of the BTC mempool has been reduced drastically by over 80%. The mempool keeps all pending transactions until miners add them to the next block network based on the fees attached to each. On 25 November 2017, the Bitcoin mempool size was 58 million. Transactions were congested in the pool causing the transaction fee to rise significantly. The mempool size as of June 2019 has been reduced to 7.7 million.
There have been a number of improvements in the BTC technology which has made the digital asset to be a better representation of the cryptocurrency industry. The above fundamentals also establish that there is a massive improvement in the market cap and the trading volume at the same price point.