Bitcoin’s integral factors turn bullish as BTC price goes past 9k

The Bitcoin world has been quite the restless machine, with price fluctuations running rampant combined with various changes in its integral factors. After holding a price point of $8263, the world’s largest cryptocurrency has amassed a steady market cap of $148 billion, an indication that the market still has the chance to go upwards.

The Bitcoin ecosystem witnessed 351,632 transactions taking place on October 21, a 4 percent increase above the year’s average. The cryptocurrency still has a long way to go before it climbs to the year’s high, which requires a 22 percent from the current price point.

The surprising factor about the crypto industry is that despite the price fall, Bitcoin still had a market cap equivalent to banking behemoths like HSBC. BTC users had another reason to rejoice when it came to light that the October 21^st average transaction fee was $0.07, a $3.64 fall compared to the yearly high of $3.71. The significant fall in the median transaction value was seen as a marker for positive adoption, especially at a time when mainstream banks levy such large amounts as transaction fees.

The Bitcoin community had also been riled up when Bitmain announced that it was opening up the world’s largest facility for Bitcoin mining, not too long ago. The Rockdale facility will be developed to a 25MW capacity with a 50 MW facility remaining under construction. According to Bitmain:

“Bitmain is truly honored to announce this news and is excited to work with local partners, government and stakeholders in realizing this vision, throughout the initial set-up phase, operations and beyond.”

Bitmain continued:

“Bitmain also plans to partner with the local schools and educational institutions to provide professional and technical training programs that would prepare members of the community for careers with the data center.”

At press time, Bitcoin was trading for $9147 with a total market cap of $164.7 billion. This came after a hike in both the hourly and 24-hour time frames as the world’s most significant cryptocurrency went up by 19.29% over the last 24 hours.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.