Penstemon Holdings LLC experts believe that after bitcoin failed to gain a foothold above the level of $60,000 for a relatively significant amount of time, further correction of the price of this digital asset becomes more and more likely course of events. However, the possible corridor of the value of the cryptocurrency will then be in the range of 24-36 thousand dollars.
We recall that May was the worst month for the bitcoin price since 2011. It is curious that back in April, third-party analysts noted the low volatility of the bitcoin price and pointed to the growth target for the asset in the region of $146,000. However, a strong pullback in the price of cryptocurrency in May led Penstemon Holdings LLC experts to the conclusion that such a situation could negatively affect the reputation of bitcoin among some institutional investors who may be disappointed in the concept of "digital gold" in the form of this digital asset.
Meanwhile, there is now an obvious positive for bitcoin investors: the average transaction fee for a digital asset has dropped sharply, from $60 in April, to $7 currently. The last time such a low level of commission size was observed in the second half of January this year. However, the fall in the price of bitcoin has led to a decrease in the number of active bitcoin addresses to the lowest level since November 2020, according to a study by Arcane Research.
For the first time in history, the transactional activity of the bitcoin blockchain turned out to be less than that of Ethereum. In May, the volume of transactions fell by 8.9% to $407.3 billion from $446.9 billion in April.
Feel free to contact Penstemon Holdings LLC to go more in detail how you can personally benefit out of this trend and gain success in the cryptocurrency field.
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