Abstract
This study delves into the dynamics of Bitcoin's hashrate and its correlation with network metrics, aiming to illuminate the underlying factors shaping Bitcoin's ecosystem. Employing a multi-metric analysis, the research examines Bitcoin price, public interest, and total daily transactions alongside hashrate data. Findings reveal nuanced relationships between these variables, with traditional metrics like hashrate showing inconsistent correlations with public interest over long-term trends. However, short-term analyses unveil potential predictive capabilities, especially when integrating additional factors like Bitcoin price and daily transactions. A novel metric, termed the 'popularity coefficient,' is introduced, derived from averaging daily values of price, interest, and transactions, offering a more holistic understanding of Bitcoin's popularity dynamics. The practical implications of this research lie in enhancing our ability to predict short-term fluctuations in Bitcoin's network dynamics, thereby informing decision-making processes within the cryptocurrency ecosystem.
Publisher
Publishing House Helvetica (Publications)