Bitcoin's price has usurped the $46,000 threshold in light of reduced sell-off pressures from miners in the crypto space.
In Brief
The price of Bitcoin has surged past the $46,000 point as selling pressure from miners has lessened, solidifying its upward trajectory.
Bitcoin (BTC) has achieved a significant milestone, reaching over $46,000, closing in on yearly highs just $2,000 away. On-chain metrics reveal that selling pressure from miners is gradually decreasing, which supports this growth.
Recent analytics show a consistent increase in Bitcoin holdings among top publicly traded firms in the U.S., with Marathon Digital's data reflecting an ongoing accumulation of Bitcoin over the recent months. CryptoQuant After a period of heavy selling in late 2023, there's been a significant drop in miners offloading Bitcoin; daily sales plummeted from over 800 Bitcoins a day to below 300 at the start of 2024. Bitcoin mining Experts from CryptoQuant have observed that miners are holding onto their Bitcoin reserves despite a notable dip in revenue from network fees. Even as network fees have dropped a staggering 90% from the peaks observed in December, the pressure to sell remains minimal as we move into 2024. The decrease in fees can be attributed to reduced network activity, resulting from fewer transactions linked to BRC20 token mints and inscriptions.
Additionally, CryptoQuant's findings reveal a significant drop in Bitcoin network transactions, which fell from a peak of 731,000 daily in late December to a low of 278,000. This decrease also reflects a reduction in rewards received by miners for validating blocks and processing transactions since the highs observed in December.
The Surge in Bitcoin’s Price Driven by Various Influencers Bitcoin miners This week, Bitcoin's value bounced back, surpassing the important $45,000 benchmark. This volatility resulted in over $49 million worth of leveraged positions getting liquidated, as per data from Coinglass.
As the premier cryptocurrency by market cap, Bitcoin's value has gone up by more than 4% within the last 24 hours, reaching $46,600 at the time of this writing.
This recent jump in Bitcoin's price has also helped recover some of the losses linked to the introduction of Bitcoin exchange-traded funds (ETFs), coinciding with movements in the S&P 500 and Nasdaq indices during the week.
Looking ahead, there’s potential for Bitcoin to continue its upward trend, particularly given its historical performance during the Chinese New Year period.
The recent valuation of Bitcoin showcases a favorable trend for the cryptocurrency, influenced by various contributing factors.
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