Bitcoin (BTC) was a stone’s throw away from the psychological price of $ 50K during intraday trading. The leading cryptocurrency is up 3.4% in the past 24 hours to hit $ 49,404, according to CoinMarketCap.
On-chain analyst Will Clemente believes this is the tip of the iceberg because Bitcoin could witness a significant price appreciation in the coming months based on the long-term impact of the fork’s supply. He explained:
“The long-term shock to the supply of holders has reached all-time highs. Every time the metric has reached the upper limit of the highlighted green range, we have seen a significant price appreciation in the coming months. Seat belt.”
Long-term BTC holders have become notable players in the Bitcoin ecosystem as they get the accumulation ball rolling.
For example, the supply of Bitcoin has been steadily maturing for long-term holders, as nearly 2 million BTC has gone from short-term to long-term holders since the time an ATH price of $ 64.8 was reached. K in mid-April.
Bitcoin’s hash rate witnesses a strong recovery
According to Charles Edwards, founder of Capriole Investments:
“Bitcoin’s hash rate has just hit April highs. A year ago, 60% of the network was in China. In May, the Bitcoin network had its arms and legs cut off. They fully grew back in just 6 months. “
Thus, it shows that the BTC hashrate has seen a substantial recovery since China intensified cryptocurrency mining in May.
For example, Chinese authorities disconnected BTC mining sites in Sichuan in June. As a result, more than 90% of China’s crypto mining capacity was hampered.
The new development suggests that many BTC miners have successfully relocated to other regions, with previous reports showing that the United States had become the biggest beneficiary.
Bitcoin miners are charging a lot of money
Crypto analytics firm Glassnode noted:
“The total value paid to Bitcoin miners through the block reward (subsidy + fees) is around $ 40 million a day. Compared to the 2020 halving, current miners’ revenues in USD are: – 275% higher than before the halving ($ 12.5 BTC / subsidy per block) – 630% higher than those after the halving (6.25 BTC / subsidy per block). “
Meanwhile, El Salvador’s decision to use the volcano’s energy to mine Bitcoin (BTC) fueled the search for the leading cryptocurrency to accelerate the development of renewable energy. Hence, this approach boosted Bitcoin’s carbon footprint by making crypto mining green.
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