Some Bitcoin Stats

Bitcoin value was up 70% this year.  It’s a sign of supply and demand, like any market.  I don’t think Bitcoin is one step closer to mass adoption, but having a higher valuation at the end of the year than a lower one is better.  Volatility seems to be down, but that is just my gut feel not a data driven point.  I put a chart of the QQQ and SPY on so that you could see how moves in the broader stock market affected Bitcoin value.
^NYB Chart

^NYB data by YCharts

Here are some other stats on Bitcoin that are interesting:

  • A notional ADV of $400M in BTCUSD futures has been achieved in unregistered Chinese FBOTs during recent global economic volatility.
  • As of Nov. 2016, bitcoin is the most valuable blockchain in the world with a “market capitalization” of $12.5bn. 131% 1-year growth, 66% 6-month growth, and 18% 30-day growth.
  • Daily bitcoin network transaction volumes have seen 68% 1-year growth, 10% 6-month growth, and 21% 30-day growth. As of Nov. 2016, recent transaction volumes have topped 300k per day.
  • Global bitcoin spot markets are fragmented but average weekly volume has seen strong growth, hitting 45M BTC weekly volume. Around 40 digital currency spot exchanges operate globally with a total ADV of 100,000 BTC as of Nov. 2016.
  • More than $1.1bn venture capital funding has been invested in bitcoin and blockchain startups as of Q1 2016. 

The Bitcoin sector is entering a new phase. It’s about actual applications that solve problems now. Until we have acceptance of something, it’s going to be an uphill climb. I remain bullish, but cautious.