Bitcoin Price Analysis – The waiting game » Brave New Coin

Bitcoin (BTC) has continued to range in a tighter and tighter zone over the past few months with 30, 60, and 120-day volatility pushing yearly lows. The market cap stands at US$112.37 billion, with US$1.42 billion traded in the past 24 hours.

The number of Bitcoin transactions per day has slowly increased since April, and has averaged between 180,000 and 230,000 since June. This key metric has declined significantly for almost all cryptocurrencies throughout the year. In contrast, the Visa payment network, VisaNet, handles an average of 150 million transactions per day and is capable of handling more than 24,000 transactions per second.

Transaction costs have also declined significantly, averaging US$0.59 per transaction, which is almost a two year low. In December, high network volume brought transaction costs to meteoric heights. The transaction cost reduction can be attributed to; the decline in the price of Bitcoin, the decline in total transactions per day, Transaction Batching,…