The total amount of Ethereum’s USDT is close to the Bitcoin network, and Bitcoin miners’ income exceeds 15 billion US dollars
This article is an observation of cryptocurrency market data. Through the data, we will be able to find some very important things. For example, USDT is continuously transferring from the Bitcoin network to the Ethereum network. The two networks are now basically equal, and they are likely to continue to move to Ethereum network transfer.
Recently, the Ethereum network transaction fee has exceeded the Bitcoin network transaction fee twice, which shows the prosperity of the Ethereum network, proves the health of the Ethereum network, and is also one of the proofs of the value capture ability of the Ethereum network.
And the Bitcoin network has even shown its expensiveness with data. The total transaction cost of the Bitcoin network has been close to 1 billion U.S. dollars as of October 6, and the mining revenue is about to exceed 15 billion U.S. dollars.
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ETH daily fees briefly surpassed BTC daily fees on September 28 and 29, with a gap of roughly $20,000 both times. However, BTC took the lead again afterward. On Oct. 6, BTC’s daily transaction fees topped $128,000, while ETH’s was just over $66,000.
BTC’s total fees (i.e. accumulated fees ever) are approaching $1 billion。
As of October 6, the total fee in BTC was $990,237,685. Total fees in BTC should cross the $1 billion milestone around October 14. coincidentally,secondary title
2. Market data
Tether on Ethereum Almost Surpasses Tether on Omni
The long-term trend of Tether supply moving from the Omni protocol to ERC-20 tokens on the Ethereum blockchain continues.
While Tether has not publicly disclosed why they switched their Omni-issued supply to Ethereum, market forces suggest that this trend should continue. Possible explanations include: an effort to move Omni away from a single, largely unmaintained protocol, and leverage a robust wallet, tooling, and infrastructure supporting ERC-20 tokens.
Since Tether is primarily used by active traders engaged in arbitrage, there are many advantages to trading Tether over Ethereum, including faster first confirmation times, faster withdrawal and deposit times, and lower fees.
The current supply of Tether is 4.1 billion, of which the supply on Omni (note: BTC network) is 2.15 billion, and the supply on Ethereum is 1.96 billion.There are also a small number issued on other blockchains, 140 million on Tron and 550 million on EOS.
The latest supply change occurred on September 16, when Tether Treasury burned 400 million on Omni and subsequently issued the same amount on Ethereum.
Declining Tether Supply Offers More Views on Relationship to Bitcoin Price
observeAlthough the exact mechanics of why additional Tethers are issued are unclear, several explanations have been proposed. One set of explanations given by representatives of Tether is that Tether is occasionally issued to fulfill future purchase obligations of traders.
Tether's mass issuance is purely a matter of convenience. Another set of explanations is that it is conspiratorial in nature, arguing that Tether and its associated entities may be involved in price manipulation. A lack of transparency has led to these interpretations.
Whichever explanation is closest to the truth, both explanations could suggest a relationship between Tether issuance and future price action. There is also a second-order effect in that the statement is widely known and accepted, and such beliefs may drive traders' behavior and validate the relationship itself.
Recent changes in Tether supply provide additional observations for studying this relationship. In August, Tether Treasury burned 300 million Tethers on Omni, resulting in the second reduction in Tether supply in history. Below we show the one-month change in Bitcoin price in blue and the one-month change in Tether in red.
Recent price action has shown bitcoin prices moving lower following (with a short lag) the tether supply drop, as in a similar situation in late 2018.
The relationship between Tether supply and Bitcoin price deserves further study. Areas of research to watch include analyzing the exact timing of transactions between Tether Theasury and exchanges.
Despite increasing regulatory scrutiny and growing lawsuits against Tether,It remains a vital component in the cryptocurrency market, and its systemic importance continues to grow. The market share of Tether’s trading volume has recently approached 75% on Binance and shows a long-term growth trend.
Note: Realized Cap is an indicator created by Coin Metrics that estimates the market value of each Bitcoin supply at its most recent transfer price.
So if someone transfers 1 BTC in 2017, and the market price at that time was $2,500, the cost price of the coin would be $2,500, not the current market price of $10,000. This provides a more realistic measure of the economic significance of cryptocurrencies. According to calculations, the current market average cost of Bitcoin is about $5585.97. According to the trend, this number is still growing.
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Source: Coin Metrics' Newsletter.
Disclaimer: This article is the author's independent point of view, and does not represent the position of the Blockchain Institute (public account), nor does it constitute any investment opinion or suggestion. The picture comes from the Internet.
Disclaimer: This article is the author's independent point of view, and does not represent the position of the Blockchain Institute (public account), nor does it constitute any investment opinion or suggestion. The picture comes from the Internet.
