LibreCharts

2021-04-17 18:09:54 Thinking about minting an NFT today? That'll be a cool $160 for all those interested

(https://gasnow.org) Open / Comment

2021-04-17 18:09:54 Ethereum Gas Fees Are Once Again Climbing Up to a Crippling High

yCharts is showing us an average of 180+ GWEI for today (while $ETH is still trading at $2.4k).

https://ycharts.com/indicators/ethereum_average_gas_price Open / Comment

2021-04-16 12:51:45 Quick look at the blockchain status for $BCH at the time of writing.

We can see that miners have been mining the living hell out of $BCH lately.

Average block time is down to 7 minutes 30 seconds right now (supposed to be 10 minutes).

>190 completed blocks over the past 24 hours (supposed to be 144 blocks at target). 8 block / hour average $BCH has managed to keep up steadily. Miners must've damn near forgot they could mine $BCH for some reason Open / Comment

2021-04-16 12:51:45 Bitcoin Cash's Price Relative to Bitcoin Reflects the Current Hash Ratio

At the time of writing (taking the average of the past day of action):

BItcoin's Hash Rate / Total = 98.52%

$BCH Hash Rate / Total = 1.48%

If we take the price of Bitcoin Cash and divide it by Bitcoin, we end up with 0.0147 (1.47%)

Sort of crazy how well the math lines up here (you can check this out for yourselves on fork.lol ; make sure to take the averages over the past day, for the price action to be suitable for whatever extrapolations you're trying to make Open / Comment

2021-04-16 12:51:45 One curious datapoint to note here is that the hash rate for $BCH (as a percentage of the total hashrate between BTC + BCH hit a peak of >3% recently.

This is interesting because, up to this point, the price action has generally followed the price between the two assets for Bitcoin Cash.

At 3.2%, however, that forecasts a price of >$1800 for $BCH (not saying that it'll hit there, but if the trend continued, then it should) Open / Comment

2021-04-16 12:51:45 What's Going on With Bitcoin Cash is Interesting

If we take a look at this graphic here, it almost appears as though miners on Bitcoin have entirely migrated from mining Bitcoin to grab as much $BCH as they can.

Remember, $BCH targets 6 blocks / hour just like Bitcoin, so a total of 9 blocks/hour as an average at one point is fairly substantial

source: https://fork.lol/blocks/time Open / Comment

2021-04-12 15:26:47 February 22nd, 2021; highest volume in a daily period for the crypto space (>$300B)

Curiously, right around the time where things started to slide off the richter for GBTC Open / Comment

2021-04-12 05:44:23 That's essentially what happened back in 2020.

The premium / discount (+6%), was hardly enough to cover the interest rates one would incur from borrowing Bitcoin at that time (usually +7% interest rates were applied).

Oh, and guess who this space's biggest lender of crypto assets has been?
Genesis (same parent company as Grayscale) is one of the Premier Crypto Lenders in Blockchain

And they've been at it for a while.

Check out this article from 2019: https://www.forbes.com/sites/michaeldelcastillo/2019/01/30/why-genesis-made-over-1-billion-in-bitcoin-ethereum-and-xrp-loans/#660d834350df Open / Comment

2021-04-12 05:43:47 At this point:

1. Bitcoin's Price = $22.8k (2x from October 2020)

2. GBTC Premium = +40.18%

3. Pearson's Coefficient = 0.619 (notably went higher the following week to >0.7 territory; showing strong correlation)

Conclusion to Make From the Facts Above

When the premium was low for GBTC (or not enough to present itself as an opportunity for investors), we saw a decoupling of Bitcoin's Price from the GBTC premium / discount rate altogether. Open / Comment