The folks over at Elastic put together an interesting piece of content marketing to show off the capabilities of Elasticsearch, examining the current state of Bitcoin. Some of the findings aren’t surprising. They document last year’s price boom, and the subsequent fall. A little more interesting is integrating transaction cost data, which is something not usually talked about in wider coverage on the cryptocurrency.
But what makes this worth sharing is factoring in block difficulty into this data. Bitcoin pricing has always fluctuated wildly, but up until recently, block difficulty has never decreased, only slowed in growth. This is a reflection of the number of people actively mining the currency. It may be a sign of further trouble for Bitcoin popularity, or just a market correction based on the sinking price.
Still, a really interesting look at the data.
Source: Elastic
