Bitcoin’s hashrate registered an unusual uptick last week, which was accompanied by a price uptrend. Now, indicators remain bullish, suggesting that the trend will continue.
As per the tweet, a god candle last Friday pushed BTC’s hashrate to over 500 Eh/s from 400 Eh/s in just a single day. This was a tremendous jump, reflecting an inflow of new miners into the industry.Even though BTC’s hashrate had declined slightly, it was still relatively high at press time, standing at over 388 Eh/s. However, i, despite the substantial surge in the blockchain’s hashrate, its mining difficulty chart remained flat at 54.15 T.
In fact, a look at Glassnode’s data revealed that this might actually be the case. Notably, over the last few months, miners’ revenue took a sideways path, which could somewhat be attributed to the bearish market. However, the trend changed in the last few days. As per the latest data, BTC’s miners’ revenue started to gain upward momentum since the beginning of this month and registered a promising spike on 15 September.Source: GlassnodeA look at Bitcoin’s mining metrics suggested that the miners’ faith in BTC was also showing positive signs. However, the metrics were not evident right off the bat.revealed that BTC’s miner net position change turned red.
Moreover, after a sharp dip on 2 September, the miners’ balance ascended once again. This suggested that they were once again holding their assets, reflecting miners’ confidence in BTC’s bull rally.Miners’ trust in BTC might have already started to show its effect in reality, as BTC’s price chart turned green. In fact, after quite some time, the king of cryptos was able to cross $26,000 and even touched $27,000 for a short while., Bitcoin was up by more than 4% in the last seven days.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Stablecoins sag in the dog days of summerBitcoin isn’t the only asset experiencing a slump
Lire la suite »
ChatGPT expects Bitcoin to rise to $50k-$100kBitcoin could rise to $50K-$100K or even higher during 2023-24, ChatGPT says. But it cautions it is a completely speculative assertion.
Lire la suite »
Bitcoin’s volatility evolution: From extreme swings to stable groundHere's a look at Bitcoin's journey from wild price swings to newfound stability. Recent data reveals its tamed volatility with comparisons to stocks like NVIDIA and Tesla.
Lire la suite »
The story of how Bitcoin surpassed payments giant VisaIt was revealed that Bitcoin's annual transaction volume exceeded that of Visa, one of the world's largest payment networks.
Lire la suite »
Bitcoin welcomes more newcomers as price remains relatively stableBitcoin's address boom signals fresh investor interest while bullish sentiment prevails. Despite lagging volume, optimism fuels anticipation of a price rally.
Lire la suite »
Bitcoin Cash consolidates gains above $210 – Should you long it?A likely BCH short-term range extension ahead of the FOMC Meeting could provide bulls with extra gains.
Lire la suite »