In the past 1 week, Bitcoin has dropped from $13,100 to today’s lowest $9,049, registering a loss of about 30 percent. BTC/USD price is in the correction that could very well see us falling even harder. But what about the fundamentals of Bitcoin? How are they faring in the current somber mood of the cryptocurrency market?

To start with, Bitcoin dominance is still strong at 68.60 percent, a level last seen about 2 years ago during the bull run of 2017.

Hash Rate Is Unstoppable

The hash rate of the Bitcoin network continues to reach new highs. Bottoming in December 2018, it has been on the rise ever since. On July 9th, it hit its peak, for now, at 72 Th/s and currently it has taken a dip to around 65 Th/s.

This uptrend in hash rate is of significance as a high hash rate is indicative of a secure blockchain. And currently, Bitcoin network is stronger than ever.

Uptrending Bitcoin network hash rate.

Average Fees Register An Uptick

During Q3 and Q4 2018, Bitcoin transaction fees remained below $1 and in Q1 2019 this further dropped below $0.5, going as low as $0.1. However, Q2 2019, the fees jumped to as high as $6.5 along with the BTC price.

Bitcoin average fees reach July 2017 levels.

Adjusted Transaction Volume Surging

Bitcoin adjusted tx volume has been on the track since we entered 2019. Though we have still a way to touch December 2017 high of $10.5 billion, we have surged from $500 million to $5.9 billion. It is actually averaging over $3 billion per day in July.

Bitcoin adjusted tx volume in USD on an uptrend, Source: https://coinmetrics.io

Active Addresses Also On An Uptrend

When it comes to active addresses, we are still a bit far from reaching 2017 levels. During the last bull run, we surpassed a million figure. Currently, the figure is on an average of 700k, reaching 900k on June 26th.

On an average of 700k Bitcoin addresses active, Source

Bitcoin Tweets at Low Levels

Tweets regarding Bitcoin are nowhere near 2017 levels. Since topping out in December 2017 at 155k, Bitcoin tweets have been on a downtrend. We are at below early 2017 levels that is 20k. An indicator of retail interest in crypto, the appreciation in price seems to be driven by the institutions.

Tweets about bitcoin still at extremely low levels, Overall, Bitcoin fundamentals are still strong and a 30 percent drop in the leading cryptocurrency’s price is just a small step back before we make a bigger leap.

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