As a seasoned crypto investor with a decade of experience under my belt, I find myself intrigued by the current state of Bitcoin. The recent dip in price is certainly disheartening, but I’ve learned over the years that these fluctuations are par for the course in the wild world of cryptocurrencies.
Based on CoinMarketCap’s data, Bitcoin (BTC) has plummeted this week by 9.03%, trading below $62,000. This downward trend means that the asset’s monthly growth is now just 0.20%. This suggests a period where both buyers and sellers have had significant influence. As Bitcoin seeks to stabilize, CryptoQuant reports some exciting advancements in the mining sector for the token.
Bitcoin Miners Hashrate 2% Away From Network ATH
As a seasoned cryptocurrency investor with years of experience under my belt, I have learned to pay close attention to trends and shifts in the Bitcoin miner hashrate. Over the past week, I’ve been keeping a keen eye on the developments, and CryptoQuant’s recent report caught my attention. The miner hashrate has been steadily climbing, reaching an impressive 604 exhashes/second (EH/S). This is a significant increase from the lows on July 9, marking a 6% gain – a noteworthy improvement in the mining landscape.
According to Cryptoquant’s report, Bitcoin miners are currently experiencing improved earning conditions compared to April, with daily mining revenues increasing by more than 50% since early July. Consequently, they have less need to sell their assets due to this growth. This is demonstrated by the fact that daily miner outflows of Bitcoin remained between approximately 5,000 and 10,000 BTC in July, a significant decrease from the range of 10,000 to 20,000 BTC seen in early March when Bitcoin was worth around $70,000.
Bitcoin mining power (or hashrate) is bouncing back, currently at approximately 604 quadrillion calculations per second (EH/s), marking a 6% rise since July 9. The current rate is only about 2% shy of its all-time high.
— CryptoQuant.com (@cryptoquant_com) August 2, 2024
Typically, the Bitcoin hashrate represents the collective computing power employed for both mining and processing Bitcoin transactions across the network. This metric holds significant importance as it reflects miner’s faith in Bitcoin (BTC), with a rise indicating confidence in mining BTC due to profitability stemming from current or projected prices.
Although Bitcoin’s recent dip might have affected some miners, they seem to be maintaining their performance. This could potentially trigger an increase in the market price, since a mass sell-off by miners could further lower it. However, a decrease in hashrate is more probable, as miner profitability heavily relies on both Bitcoin’s price and network fees.
BTC Price Overview
Currently, as I type this, Bitcoin is being traded at approximately $61,387, marking a 5.05% decrease over the past 24 hours. Simultaneously, its daily trading volume has seen a minimal increase of 5.35%, amounting to around $42.9 billion.
Based on historical trends, Bitcoin’s current position seems to be within a support area. If it falls below this point, it could potentially drop to around $55,000, as was observed in early July. On the flip side, if the market manages to find some balance in this zone, there’s a possibility that BTC might rebound to the $70,000 range again.
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2024-08-03 15:40