Summary
Network fundamentals made modest gains in July.
Future tech made progress by leaps and bounds, especially the Lightning Network.
Based on historical trends, Bitcoin is still overbought.
The impact of an ETF could be a game changer, heavy speculation has already begun.
I’m launching a marketplace!
Network Fundamentals
If this is your first time reading a Bitcoin (BTC-USD)(COIN)(OTCQX:GBTC) Value Indicator report, you may want to refer to the original article to get caught up. The long and short of it is that I suggest that we can know something about Bitcoin’s market cap by looking at the network fundamentals since they have shown correlation in the past, but this relationship is not guaranteed to be as strong in the future due to changing market dynamics and new technology.
Number of Confirmed Transactions
The total number of confirmed transactions increased by 6,393,536 in July. This gives us a daily average of 206,243.
Data Source: blockchain.com
What’s interesting about this to me, is that it represents the fourth straight month of growth in monthly transactions. Look at the chart below, and note that March of 2018 shows the low point of transactions. This growth is modest, but I consider it an important sign of life.
Data Source: blockchain.com
Read more at: Seeking Alpha
