Bitcoin Hashrate Hits New All-Time High: Glassnode

Bitcoin Hashrate Hits New All-Time High: Glassnode

New data from Glassnode, an on-chain analytics provider, revealed that Bitcoin’s average hash rate has crossed a daily average of 178 exahashes per second, a new all-time high. The benchmark cryptocurrency’s hash rate has been on a steady ascent since February, where it cleared the 150 EH/s round figure twice.

Hashrate is generally regarded as a “computing horsepower” for cryptocurrencies, including Bitcoin (BTC), and a high hashrate is indicative of effective security in a cryptocurrency network.

The positive on-chain metric was discovered by data scientist Rafael Schultze-Kraft, who noted that BTC mining difficulty has also peaked at a new ATH.

The data scientist revealed that Bitcoin miners have been raking in $50 million, on average, per day for the past month. He added that just a year ago, this figure was around $12 million, meaning that current mining earning has grown by four times despite the recent reward halving in May 2020.

According to Glassnode, miners are no longer selling their new coins and are holding their assets as the net position is green again.

Schultze-Kraft added that:

“In fact, the Bitcoin unspent supply (BTC that has never left the original mining addresses) has started to increase again after a quick and sharp drop of around 15k BTC at the beginning of the year. More hodling than spending.”

Key BTC Levels to Watch — April 8
Bitcoin continues to struggle to muster any meaningful bullish momentum as bears dominate the market. Following a rejection from the $59k resistance, the benchmark cryptocurrency fell into a bearish spiral and broke beneath the crucial $56,700 support.

BTCUSD – Hourly Chart

The recent selloff saw the Bitcoin fall to the $55,450 low, where some dip buyers came onboard and sent the price above the $56,700 level. The primary cryptocurrency needs to break back into the $58k pivot zone over the coming hours or risk correcting lower.

Meanwhile, our resistance levels are at $57,000, $58,000, and $59,000, and our key support levels are at $56,000, $55,500, and $55,000.

Total Market Capitalization: $1.92 trillion

Bitcoin Market Capitalization: $1.06 trillion

Bitcoin Dominance: 55.3%

 

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Bitcoin Market Price Analysis — April 6

Bitcoin Market Price Analysis — April 6

Bitcoin (BTC) has struggled over the past week to break the $60,000 resistance level, all to no avail. As the benchmark cryptocurrency continues to stall below the $60k mark, altcoins have taken charge and have driven the valuation industry higher, thereby causing Bitcoin to lose market dominance.

The altcoin frenzy has seen some large-cap cryptocurrencies break new record high, including Ethereum and Binance Coin, and has triggered a massive spike in Ripple. That said, Bitcoin’s market dominance is currently at 55.5%, a one-year low.

Yesterday’s rally saw XRP surge by about 30% (70.5% over the past seven days). The crypto asset has only doubled down its rally in today’s session and is now on the verge of breaking the $1 round figure. Ripple is currently trading at levels not seen since 2018.

Another big winner in the altcoin frenzy is the BNB, which has by more than 12% today alone and has refreshed its all-time high at $380. Other large-cap gainers include Ethereum (+5%), Polkadot (+5%), Cardano (+3%), Uniswap (+4%), Litecoin (+10%), and Chainlink (+6%).

More gains could be seen in lower-cap crypto assets, including Stacks (103%), Bitcoin Gold (35%), Neo (19%), Tezos (19%), Ethereum Classic (16%), and Huobi Token (12%).

Key BTC Levels to Watch — April 6
Bitcoin continues to stall under the highly-coveted $60k mark after failing to clear the $59k resistance area yesterday. Following the rejection from the $59,500 weekly high, the benchmark cryptocurrency saw a decent rebound off the $58k support and now trades near the $59k resistance.

BTCUSD – Hourly Chart

Yesterday’s rejection from the $59,500 resistance was an attempt by the primary cryptocurrency to take advantage of the emergence of a double-bottom pattern. Nonetheless, a clean break above the $59k resistance over the coming hours could propel BTC above the $60k level.

Meanwhile, our resistance levels are at $58,500, $59,000, and $60,000, and our key support levels are at $57,00, $56,700, and $55,000.

Total Market Capitalization: $1.98 trillion

Bitcoin Market Capitalization: $1.09 trillion

Bitcoin Dominance: 55.5%

 

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Bitcoin Struggles to Break $60k as Its Market Dominance Falls to Seven-Month Lows

Bitcoin Struggles to Break $60k as Its Market Dominance Falls to Seven-Month Lows

Last week came with an immense bullish momentum for Bitcoin (BTC) and the entire cryptocurrency market, which came just a few points from hitting the $2trillion valuation mark. The bull market also saw Ethereum (ETH) and Binance Coin (BNB) break new record highs, while Bitcoin struggled with the $60k region.

At press time, Bitcoin is trading down at $57,600 after seeing a sharp correction to the $56,700 area yesterday. Nonetheless, the benchmark cryptocurrency reportedly recorded its best Q1 ever, with a 100% gain.

That said, altcoins appear to be having a better time and have forced Bitcoin’s market dominance down to about 57%, a seven-month low. Ethereum set a new record high at $2,145 yesterday but has corrected mildly to the $2,050 area at press time. Likewise, BNB surged to a new record high at $356.9 on Friday.

In other news, BlackRock, the world’s largest asset manager, revealed that it recently acquired exposure to Bitcoin through CME futures contracts.

Meanwhile, a JP Morgan Chase & Co. research revealed that large banking organizations and institutional investors could bolster demand for the primary cryptocurrency soon. The JPM research argued that the recent slump in volatility in BTC could trigger an institutional investor influx.

Key BTC Levels to Watch — April 4
Following an extended period of consolidation below the $60k price point, Bitcoin bulls finally gave in and allowed a pullback to the $56,700 support level. That said, the price saw a healthy rebound off the $56,700 support and is now trading around the $57,500 area.

BTCUSD – Hourly Chart

We expect a bullish continuation into the $58k – $60k pivot zone in the coming hours. This bullish bias is adequately supported by our hourly MACD indicator, which shows that Bitcoin is on the cusp of recovery from oversold conditions.

However, failure to break back into the pivot zone could trigger another decline to the $56,700 crucial support where more dip-buyers would likely come in.

Meanwhile, our resistance levels are at $58,000, $59,000, and $60,000, and our key support levels are at $56,700, $55,000, and $54,000.

Total Market Capitalization: $1.92 trillion

Bitcoin Market Capitalization: $1.80 trillion

Bitcoin Dominance: 56.6%

 

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Goldman Sachs Announces New Bitcoin Investment Option for Wealthy Client

Goldman Sachs Announces New Bitcoin Investment Option for Wealthy Client

Goldman Sachs has announced that it will be offering its private wealth management clients exposure to Bitcoin (BTC), Bitcoin derivatives, other cryptocurrencies, and traditional investment vehicles. The bank noted that the new investment option would be available to its wealthy customers in the next three months.

Clients will get educated about blockchain technology and the crypto ecosystem by the newly appointed global head of digital assets for the bank’s private wealth management division, Mary Rich.

Rich explained that the move to offer Bitcoin and crypto-related investments was due to client demand and that the new investment option would be only accessible to clients with at least $25 million.

Rich added that:

“There’s a contingent of clients who are looking to this asset as a hedge against inflation, and the macro backdrop over the past year has certainly played into that.”

As governments and central banks continue to flood the economy with bailout packages, Bitcoin is rapidly becoming the most preferred hedge against inflation.

Meanwhile, Goldman Sachs’ announcement comes a few weeks after another behemoth financial institution, Morgan Stanley, reported that it could roll out Bitcoin funds in April.

Morgan Stanley indirectly gained exposure to the asset class when it increased its total stake in MicroStrategy to 10.9%.

Key BTC Levels to Watch — April 1
Following a goodish bullish recovery over the past few days, Bitcoin appears to be losing bullish momentum. Yesterday, the benchmark cryptocurrency failed to break the crucial $60k psychological resistance, which sent it to the $56,700 level.

BTCUSD – 4-Hour Chart

That said, the primary cryptocurrency managed to rebound over the hours and is now in a rangebound momentum around the $59k resistance. Failure to facilitate a takedown of the $60k resistance in the coming hours or risk falling to the $56,700 support or below.

Meanwhile, our resistance levels are at $60,000, $61,000, and $61,785, and our key support levels are at $58,000, $56,700, and $55,000.

Total Market Capitalization: $1.89 trillion

Bitcoin Market Capitalization: $1.99 trillion

Bitcoin Dominance: 58%

 

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Bitcoin Rallies as Stablecoins on Exchanges Hit All-Time High

Bitcoin Rallies as Stablecoins on Exchanges Hit All-Time High

Bitcoin (BTC) traded in a constrained manner over the past weekend but has unexpectedly broken out of its range and is now headed for higher bullish targets. According to some analysts at CryptoQuant, there might be a few fundamental factors behind the recent rise.

One of the factors highlighted by the analysts was the recent decision by Visa, one of the world’s largest payment processors, to settle USDC transactions using Ethereum (ETH). While Ethereum is only the second-largest cryptocurrency, such positive news tends to have a ripple effect across the entire crypto market.

With that, Bitcoin took the initiative and ran with it and has driven the market higher with no sign of slowing down ahead.

CryptoQuant analysts also revealed that the total number of stablecoins on exchanges has hit an all-time high and could be a proponent behind the recent BTC rally.

The increase of stablecoins on exchanges is indicative that there is plenty of inactive capital on exchanges. Additionally, the analysts provided another metric, the stablecoin ratio, to back their claims. This ratio measures the number of Bitcoins against the number of stablecoins lying dormant on exchanges. This number is currently at its lowest level last November.

Key BTC Levels to Watch — March 30
Bitcoin has recently broken above the crucial $56,700 level in a decisive stroke. That said, the benchmark cryptocurrency is now faced with the $58k, where it has consolidated for the past 24 hours.

BTCUSD – 4-Hour Chart

That said, a decisive break above the $58k psychological resistance could open the doors for Bitcoin to reach $60k and above in the coming days. However, failure to clear this level over the coming hours could trigger a correction to the $55k area, thereby sending the cryptocurrency below the crucial $56,700 price level.

Meanwhile, our resistance levels are at $58,000, $59,000, and $60,000, and our key support levels are at $56,700, $55,000, and $54,000.

Total Market Capitalization: $1.82 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 59%

 

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Argo Blockchain to Pursue Renewable Energy-Based Mining Pool as Bitcoin Value Increases

Argo Blockchain to Pursue Renewable Energy-Based Mining Pool as Bitcoin Value Increases

Argo Blockchain has announced its plans to construct the world’s first clean energy Bitcoin (BTC) mining pool. The London-based company revealed that it was partnering with DMG Blockchain Solutions to carry out the pioneering task.

The environmental concerns of Bitcoin mining activities have always been a concern for many critics, given the hefty electrical requirement of the activity. These concerns have risen once again following the recent spike in Bitcoin price. The increase in the value of BTC makes mining more profitable, meaning that many mining pools will expand their operations.

According to the University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin mining currently accounts for 138.7 terawatts in electrical consumption, about 0.5% of the global power usage.

As governments and regulatory bodies scramble to tighten cryptocurrency regulations, it is expected that talks on the impact of Bitcoin mining on the environment will not go under the radar.

That said, Argo Blockchain, in conjunction with DMG Blockchain Solutions, will go into hydroelectric energy power usage, which is a more environmentally-friendly alternative power source.

In the press release, the CEO of Argo, Peter Wall, expressed his optimism for the mining industry to come together and tackle the energy issue, stating that “we are hopeful other companies within the Bitcoin mining industry follow in our footsteps to demonstrate broader climate consciousness.”

The CEO also noted that:

“Addressing climate change is a priority for Argo and partnering with DMG to create the first “green” bitcoin mining pool is an important step towards protecting our planet now and for generations to come.”

Key BTC Levels to Watch — March 28
Bitcoin bulls have shown immense strength over the past 48+ hours, driving the price of BTC up by more than 12% since last week’s crash. That said, the benchmark cryptocurrency is currently trading within a descending channel and is at a critical position on this channel.

BTCUSD – 4-Hour Chart

Unsurprisingly, the top end of our descending channel currently coincides with the crucial $56,700 resistance making it a difficult level to break for BTC.

Nonetheless, a break above this level could refresh Bitcoin’s bull run towards the $60k round figure. On the flip side, failure to clear this level could send Bitcoin towards the $50k support, once again, over the coming days.

Meanwhile, our resistance levels are at $56,700, $58,000, and $59,000, and our key support levels are at $55,000, $54,000, and $53,000

Total Market Capitalization: $1.76 trillion

Bitcoin Market Capitalization: $1.04 trillion

Bitcoin Dominance: 59.5%

 

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Market Analysis: Bitcoin Correction Triggers Massive Decline for Crypto Industry

Market Analysis: Bitcoin Correction Triggers Massive Decline for Crypto Industry

The entire cryptocurrency market fell by about 8% over the past 24 hours, as Bitcoin (BTC) extended its correction. The early Asain session today was a bloodbath for the industry and shaved about $150 billion off the market cap of the industry.

The massive drop got precipitated by Bitcoin’s failure to break the crucial $56,700 resistance, as we predicted in a previous analysis.

At press time, the benchmark cryptocurrency is trading around the $52,500 area, after refreshing its two-week lows at $51,533 earlier today.

Meanwhile, Ethereum (ETH) was quick to follow in the steps of Bitcoin and fell by more than 4%, slipping below the $1,600 psychological support.

Uniswap (UNI) recorded a steeper decline than ETH and tanked by more than 10% on the day. Uniswap investors are reportedly disgruntled with the lack of Layer 2 scaling when the DEX releases v3 on May 5.

Theta, which recently climbed to the top ten cryptocurrency standing, got hit hard by the market crash with a 14% decline.

Finally, other tokens that took part in the widespread market decline include Polkadot (DOT) (-17%), Ripple (XRP) (-10%), Bitcoin Cash (BCH) (-9%), and Litecoin (LTC) (-9%).

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — March 25
Following its inability to scale the $56,700 resistance, Bitcoin went into a bearish spiral that sent it below the crucial $52,500 support (like we predicted in a previous analysis). The primary cryptocurrency appears to have found some support at the $51,400 pivot zone and has rebounded slightly from the $52,500 area.

That said, BTC stands a risk of falling, once again, into the $51,400 – $48,500 pivot zone, except it can claw its way back above the $54k round figure in the coming hours.

Meanwhile, our resistance levels are at $53,000, $54,000, and $55,000, and our key support levels are at $52,000, $51,400, and $50,500

Total Market Capitalization: $1.64 trillion

Bitcoin Market Capitalization: $981 billion

Bitcoin Dominance: 59.8%

 

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Customers Can now Pay in Bitcoin as Tesla Starts Accepting BTC

Customers Can now Pay in Bitcoin as Tesla Starts Accepting BTC

Tesla’s plan to begin accepting Bitcoin (BTC) as payments for its vehicles is now live. The CEO of the company, Elon Musk, broke the news via Twitter on Wednesday. The Bitcoin payment option has gotten added to the company’s website, along with a section explaining how to make cryptocurrency payments.

Musk noted that “Bitcoin paid to Tesla will be retained as bitcoin, not converted to fiat currency,” adding that the company “is using only internal & open source software & operates bitcoin notes directly.” An update on Tesla’s website confirmed that the company currently accepts only Bitcoin and no other cryptocurrency.

Tesla’s website noted that:

“Initiate payment from your bitcoin wallet. You can either scan the QR code or copy and paste the bitcoin address and the exact bitcoin amount into your wallet.”

The website also noted that:

“Once you send bitcoin from your wallet, the page will refresh within one minute … We will email you a confirmation once payment is received. This can take up to six hours to process.”

Bitcoin Reacts Positively to the News
Tesla first publicized its plans to accept Bitcoin as payment in a filing with the US Securities and Exchange Commission (SEC) early last month. It also informed the SEC that it had purchased $1.5 billion worth of BTC.

Following the announcement last month, Bitcoin reacted positively to the news and scaled a new all-time high. That said, Bitcoin has reacted positively again to the news today, as the benchmark cryptocurrency has spiked by about $1,000 just a few minutes after the news broke. At press time, Bitcoin has increased by about $2,000.

Meanwhile, Musk highlighted that the Bitcoin payment option will be available to just US customers for now. He added that the rest of the world would have access to Bitcoin payments by the end of 2021.

 

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Glassnode Report Shows that Small Account Bitcoin HODLing is on the Rise

Glassnode Report Shows that Small Account Bitcoin HODLing is on the Rise

On-chain analytics provider, Glassnode, has reported that addresses holding 0.1 to 1 Bitcoin (BTC)—which it fondly calls “Sat Stackers’’—have seen a significant spike since March 2020’s cryptocurrency market crash. However, the firm also warned that its on-chain metric shows that the bull market could be entering its late stages.

Glassnode explained that Sat Stackers have been on a steady rise over the past three years and have accumulated about 1.23% of the entire supply of Bitcoin during the given period. That said, these small accounts now control 5.2% of all mined BTC.

The on-chain service provider highlighted that the relentless accumulation of BTC by small accounts shows how determined this group is in HODLing through volatility from 2018 to 2020 despite the chaos in the market.

Meanwhile, whale wallets holding 100 BTC or more have grown by less than 1% over the past year and have been flat over the past three years. Nonetheless, this group of Bitcoin investors holds most of the total supply of BTC—62.6%.

Glassnode concluded that this wealth transfer could be an early sign that the bull market is reaching its peak.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 23
Bitcoin has fallen into yet another massive correction in March, as the benchmark cryptocurrency fell by more than 9% over the past 24 hours. The decline was likely a continuation of its previous price correction from the $60k area.

That said, the cryptocurrency appears to have rebounded from the $53k support and could trigger a climb to the $60k barrier. However, Bitcoin has several resistance levels to scale before approaching the $60k round figure, with the $56,700 serving as the crucial level to break.

Although very unlikely at the moment, a break below the $52,500 support could spell doom for BTC bulls and send the cryptocurrency on a bearish spiral.

Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500

Total Market Capitalization: $1.71 trillion

Bitcoin Market Capitalization: $1.01 trillion

Bitcoin Dominance: 59.5%

 

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Cryptocurrency Market Bleeds as Bitcoin Records Another Sharp Correction

Cryptocurrency Market Bleeds as Bitcoin Records Another Sharp Correction

Following a brief retest of the $60k area yesterday, Bitcoin (BTC) has fallen off a cliff by more than $4,000, dragging the entire cryptocurrency market along. The latest correction occurred over the past 24 hours but has since recovered above the $56k level.

According to a report by Glassnode, the number of whales holding at least 1,000 BTC has dropped over the past few days to a monthly low of 2,270 from 2,500 from mid-February.

Although most altcoins remained unmoved by the Bitcoin decline, the top altcoins saw significant declines as well. Ethereum (ETH) fell by more than 2%, dropping below $1,800.

Binance Coin (BNB) also dropped by 2%, Uniswap (UNI) by -3%, and Litecoin (LTC) by 3%. Cardano (ADA), Polkadot (DOT), and Chainlink (LINK) dropped by 4.5%, 5%, and 5%, respectively.

Meanwhile, Ripple (XRP) was the only top altcoin that did not record a significant drop but rallied to a new monthly high above $0.54. The XRP is mostly trading independently from the rest of the market because of its ongoing legal battle with the SEC.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 21

Following the healthy rebound from the $55,500 support, Bitcoin will likely attempt the $56,700 resistance in the coming hours. That said, the benchmark cryptocurrency has to post a sustained break above the $56,700 resistance given the confluence of barriers at that level or risk sliding below the $55,500 support in the coming hours and days.

Meanwhile, our resistance levels are at $56,700, $58,000, and $59,000, and our key support levels are at $55,000, $54,000, and $52,500.

Total Market Capitalization: $1.77 trillion

Bitcoin Market Capitalization: $1.06 trillion

Bitcoin Dominance: 60%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.