Although 2022 is a troubled year for cryptocurrencies, researches BTC shows that the network is still very actively used. According to a new report from blockchain researcher CoinMetrics, $8 trillion worth of transfers took place on the BTC network over the past year.
According to calculations, this figure means that an average of $260,000 worth of Bitcoin is displaced per second.
Despite the decline in market value, the increase in network usage indicates that the acceptance of cryptocurrencies regardless of price is becoming more common.
Volatility in Bitcoin Continues to Decline
According to the new chart shared by crypto research firm Arcane Research, Bitcoin’s volatility has dropped to its lowest level in the last 2 and a half years.
We can interpret the decrease in volatility as transfers increase, as crypto traders are reluctant to buy and sell their BTC.
Latest Status in Bitcoin
Bitcoin (BTC), the ancestor of cryptocurrencies, started the first week of the year positively. While BTC has gained 2.50% since the first hours of the year, it is currently testing an important resistance level.
BTC, which received its support at $ 16,350 in the last days of the year, is struggling to overcome the resistance of $ 16,950 at the time of writing. If Bitcoin makes 4-hour closes above this level, the next stop is at $ 17,350.
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