New Huobi Research Shows BTC and ETH Addresses Grow While XRP Social Media Popularity Booms
While the prices for ETH and BTC continue to plummet, the networks have seen a surge in addresses and average transactions per block. However, the hash rate is still falling. At the same time, XRP remains quite popular, beating ETH on Twitter.
Market Growth During The Bear
Right now, the crypto market is on the decline. BTC, XRP, and ETH, the top three crypto coins have all registered losses of between 2.34% and 4.27% in the last 24 hours. Besides that, the hash rate for BTC and ETH has been dropping drastically. The BTC hash rate has fallen by 6.57% while that of ETH has fallen by 1.84%. The transaction fee for BTC was about $0.178 on average, which is a drop of about 3.26% from the previous week.
Despite the price drop, BTC has managed daily trading volumes of about $3 billion. If the price drop continues, ETH could fall below $100, which is expected to happen soon. In December 2018, ETH hit a low of $83.35.
No Sign Of A Bull
Most crypto experts agree that there is no sign of a bull any time soon. They agree that both fundamentally and technically, nothing will cause an upward surge any time soon.
In terms of transactions, there has been a huge growth per block. The block size has also grown for both ETH and BTC. Unconfirmed transactions have also grown by about 12.41% on BTC; they have also grown on ETH.
The transaction fee has been hovering around $0.17 after it hit $0.29 but it now appears to be growing and is headed toward $0.20. On Eth, the transaction fee has been hovering around $0.07 and appears to be staying around this figure.
The number of addresses on BTC has grown to 32.52 million while those on ETH have grown to 54.66 million. This is a sign that more people are still gravitating toward crypto despite the market downturn.
On social media, XRP is winning. A recent Huobi report shows that XRP comes in a close second behind ETH. On Facebook, ETH has a slight lead on the XRP. However, this might change soon. XRP has already managed to dethrone ETH as the second biggest crypto coin by market cap.
Crypto prices might be down but the development of the crypto networks and the activity on social media for these crypto coins is not dying down. They appear to be growing in fact. However, whether the sentiment is mainly positive or negative about crypto is yet to be seen.
How Low Can Crypto Go?
While developments in crypto are great, price still matters. However, nobody is sure how low crypto, especially BTC, can go. BTC recently hit a new low of $3470 for 2019 and it could go lower.
However, many expect that BTC will go below $3000 in the coming weeks and it could even go as low as $2000. Despite this, some crypto experts are hopeful that the crypto winter will eventually end.