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As Block Sizes in Major Cryptocurrencies Surpass All-Time Highs, Fees Remain Low and Signal Fundamental Strength in Underlying Networks

Jun 18, 2019

Better Data for Better Investment DecisionsBetter Data for Better Investment Decisions
Better Data for Better Investment DecisionsBetter Data for Better Investment Decisions

 

Block Sizes in Major Cryptocurrencies

Name Ticker Average Block Size Recent Average Block Size
Bitcoin BTC 144,486,102 178,702,653
Bitcoin Cash BCH 19,337,831 15,805,766
Litecoin LTC 16,925,983 19,911,808
Ethereum ETH 123,650,004 160,171,954
Monero XMR 35,255,990 23,958,115

 

  • Bitcoin’s (BTC) average daily block size last week of 178.7 million bytes indicates a 23.7% jump from its weekly average over the last near. Larger BTC block sizes speak to the higher levels of transaction activity occurring on the BTC network in recent trading.  
    • Most notably, in trading on June 14th last week, BTC’s daily block size of 218.6 million bytes surpassed the network’s previous all-time high, which was set in the bull run of late 2017/early 2018. However, transaction fees are nowhere near levels observed in the late 2017/early 2018 BTC bull run, indicating much healthier fundamentals in the BTC network as the benchmark coin’s rally gains steam.  
       
  • Bitcoin Cash (BCH) observed an average daily block size of 15.8 million bytes last week, falling 18.3% from its weekly average daily block size over the last year. This may not be the result of depressed transaction activity on the BCH network of late, rather, BCH’s weekly average daily block size could appear higher than it should as a result of network stress tests and a significant hard fork that occurred in BCH late in 2018. 
     
  • Ethereum (ETH) observed the largest spike in average daily block size last week relative to its 1-year weekly average, jumping 29.5% to 160.2 million bytes. Similar to BTC, ETH’s daily block size is nearing levels observed in the late 2017/early 2018 crypto bull run while transaction fees remain low, signaling strong fundamentals in the underlying ETH network.  

 

 

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