RATE Group | Demand for Bitcoin Grows After Halving
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Demand for Bitcoin Grows After Halving

16 May Demand for Bitcoin Grows After Halving

Posted at 01:20h in Bitcoin News by

Data published today from Cointelegraph Markets and Arcane Research found that despite investor concerns over the block reward halving disincentivizing miners and possibly compromising the security of the network, demand for Bitcoin continues to rise globally.

Proof of increasing adoption is supported by the total number of functioning Bitcoin ATMs rising to 8,000, a more than 90% increase since 2019. Bitcoin ATM operator, Coinstar, also reported a 40% increase in Bitcoin ATM use since February of this year.

Real BTC daily volume vs. BTC Price. Source: Messari

Real BTC daily volume vs. BTC Price. Source: Messari

Bitcoin gains and daily transaction volume eclipses altcoins

When compared against altcoins, Bitcoin also continues to lead in market capitalization and USD transaction volume with more than $10 billion in daily transaction volume. This figure eclipses Ether (ETH) and Litecoin (LTC) which are both seeing daily transaction volumes below $500 million.

Currently, for the month of May, Bitcoin price is up nearly 10%, whereas altcoins…

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