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It's all systems go for Bitcoin as bulls look to cement $50,000 as support and create the "new normal" for BTC/USD.
Bitcoin (BTC) hit new lifetime highs of more than $51,200 on Feb. 17 as it tackled what trader Peter Brandt confirms is a “parabolic advance.”
Data from Cointelegraph Markets and TradingView showed BTC/USD passing the $50,000 resistance level again on Wednesday, this time continuing into uncharted territory.
Tuesday had seen Bitcoin hit $50,000 for the first time ever, that level nonetheless failing to hold for more than a matter of minutes.
With its return, the largest cryptocurrency is in a "parabolic advance" — the fourth in its twelve-year history, analysts say.
"Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade," Brandt tweeted alongside an annotated price chart.
"A parabolic advance on an arithmetic scale is extremely rare - three on a log scale is historic."
Responding, Kraken growth lead Dan Held noted that if counting its initial phase prior to 2012, there have in fact been four parabolic advances.
Brandt added that should the advance be violated, a correction of 80% is "most common" as a bearish consequence. Such behavior was observed in 2018 after Bitcoin peaked at near $20,000 — the market bottomed out at $3,100 one year later.
As Cointelegraph reported, various indicators nonetheless suggest that Bitcoin is far from violating any uptrend, being at the start, rather than the end of its bull run.
"$50,000 #Bitcoin is the new normal," Blockstream CSO Samson Mow declared on Wednesday.
Discussing the new price highs, others noted that macro factors could converge to create a chain reaction of adoption, which would push Bitcoin further still into price discovery.
"If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air," popular Twitter account Documenting Bitcoin added.
Data meanwhile showed that Bitcoin had taken the momentum out of altcoin growth with its moves over the last few days, with all of the top ten cryptocurrencies except Polkadot (DOT) seeing sideways price action.
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Proposal 51 and its goals are simple and could be very impactful for the network:
Increase the current near-minimal fees for bandwidth and energy by 3,5 times in order to encourage higher freezing rate of TRX, diminish low-value transactions (spam txs), increase security, reduce TRX in circulation, and promote the increase of TRX’s value by eventually making TRX a deflationary asset.
Proposal
51 was fielded by Klever’s own Head of Blockchain Research and
Development, Fernando Sobreira, under the TRON SR Crypto Chain.
The proposal suggests the following changes to the TRON protocol:
Modify the unit price of bandwidth, increase from the current 40sun to 140sun
Modify the unit price of energy, increase from the current 40sun to 140sun
Modify the configurable upper limit of fee limit, increase from the current 1000000000sun (1000 TRX) to 5000000000sun (5000 TRX)
To explain bandwidth and energy in simple words, TRON bandwidth allows users to perform transactions on the blockchain without paying extra gas fees, while energy is a special resource used to process smart contracts on the TRON network.
Proposal 51 is a result of discussions initiated during the last SR meeting where TRON’s representatives presented network statistics following the last energy price increases, which showed that the last upgrade did not reduce valuable transaction volume but it did increase the amount of frozen TRX in the network.
Following the last TRON Upgrade implemented through Proposal 48, the unit price of energy and bandwidth was increased from 10 sun to 40 sun on November 25, 2020. Since then, TRX’s daily supply output has been greatly reduced due to more burning from resource fees. The number of low-value transactions has also been significantly reduced. Security has been improved with the increase of the freezing rate. Meanwhile, the transaction volume has continued to rise, the increase in resource fees has a positive effect on the network.
However, although the situation of spam transactions has improved, such low-value transactions still exist, and Proposal 51 is aimed at removing their rate and mitigating the impact of such spam transactions. The other primary goal is to have players freeze more TRX in order to pay less transaction fees.
Potential risks involved in Proposal 51 would be higher costs for developers, users, and other players such as exchanges to use TRX and TRX-based assets, but this can of course be mitigated by freezing more TRX.
Moreover, the TRON network may be experiencing increased transaction fees similar to other popular smart contract blockchain chains such as Binance Smart Chain (BSC), although TRON blockchain still remains the faster in terms of speed and delivery.
It is important to note that TRON has grown exponentially over the past year to house the most active addresses of any blockchain, besides Bitcoin.
For instance, today on February 10, Bitcoin had 1.17 million active addresses, TRON 634k and Ethereum 604k. Comparing transaction count between these three dominant networks shows Bitcoin at 330k daily txs, TRON 3.18 million txs, and Ethereum 1.23 million txs. It is becoming clear that TRON’s speed for transaction delivery and relatively low transaction fees compared to other blockchains has facilitated this rise.
Moreover, USDTt (USDT-TRON) currently holds $10.5 billion USDT in assets running on the TRON network, which is roughly 1/3 of USDT-Tether’s total market cap of $30 billion.
The rest is primarily running on top of Ethereum with $19.1B, while the previously dominant BTC-based Omni has fallen to only hold $1.3B USDT. Once again, this clearly shows that low fees and fast transactions are what users and exchanges are seeking, as well as choosing.
To
conclude, if the vote for Proposal 51 is passed, it will further
increase the network freezing rate and total frozen amount, reduce TRX
in circulation, promote the increase of TRX value, restrain the number
of low-value transactions and reduce their harm, and improve the
security and reliability of the TRON network.
Klever fully
supports Proposal 51 as part of our goal for the whole blockchain
ecosystem to grow together, increasing security, removing spam
transactions, and valuing cooperation between validators and other
players in the crypto industry.
Sincerely,
Misha Lederman
Director of Communications at Klever.io
