2021-9-22 17:07 |
The hash rate of both Bitcoin and Ether continues to climb, with the latter at an all-time high.
Bitcoins’ hash rate is currently reaching the late June level above 162 Th/s. Currently, around 125 Th/s, the hash rate is still down 37.6% from the mid-May all-time high of 197.6 Th/s, according to Bitinfocharts.
After four straight increases as the hash rate recovers from the spring/summer crackdown on Chinese miners, mining difficulty jumped for the fifth time today. This fifth consecutive jump beats the four downward adjustments in June and July that came before these positive ones.
With a 3.16% increase this time, Bitcoin mining difficulty is now at 18.95 trillion, down 24.2% from the late May peak of just above 25 trillion.
Bitcoin mining difficulty programmatically adjusts roughly every 2 weeks (2,016 blocks) to target a 10-minute average time between blocks.
Mining Bitcoin is yet again becoming difficult as miners have started to come back online, with those who shut down their operations in China have moved overseas.
Price-wise, meanwhile, Bitcoin is in a precarious situation. This week, Bitcoin’s price dropped more than 17% to as low as $39,500. Since breaking the $40k level late on Tuesday, prices have recovered to trade above $42k.
However, the leading cryptocurrency isn’t alone in recording losses as stock markets took a big hit worldwide as macroeconomics risks pile up. While China’s real estate giant Evergrande is looking for a bailout from the government, investors are looking at the Federal Open Market Committee’s (FOMC) meeting tonight for any announcements regarding tapering.
Despite the sell-off and the market being fearful, on-chain metrics are healthy at the moment.
The Market Value to Realized Value, used to estimate tops and bottoms, is resting comfortably in healthy territory. Additionally, whales are accumulating, with the average bitcoin holding per whale increasing from 3236 BTC to 3722 BTC since February 8th, according to Arcane Research.
While the total holdings of whales are increasing, the number of addresses holding over 1000 BTC is in a downtrend. The number of whales has decreased by almost 15% since Feb. 8.
The numbers increase rapidly during the bull run around the year change implies they were not in for the long game rather just to trade it short term. “When the short-term whales have been selling, the long-term whales have been buying,” stated Arcane Research.
Bitcoin/USD BTCUSD 42,722.7586 $38.45 0.09% Volume 42.6 b Change $38.45 Open$42,722.7586 Circulating 18.82 m Market Cap 804.17 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin Fundamentals Show A ‘Healthy’ Network, Mining Difficulty Increases for the 5th Time in a Row first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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