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4 Crucial On-Chain Trends Show That Bitcoin’s Trend Is Bullish

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4 Crucial On-Chain Trends Show That Bitcoin’s Trend Is Bullish

Founded on October 13th, cryptocurrency mining firm Marathon Patent Group has formed a partnership with a power company to launch a Bitcoin mining farm. This farm will be set up near a plant of its own partner, Beowulf, where electricity can be obtained at a rate of $0.028/kWh.

Published at Sun, 18 Oct 2020 07:00:53 +0000

This new farm will support upwards of 0,000 S19 Guru Antminers, which can generate 3.320 exahashes each second in aggregate. 3.32 exahashes per second is around 2-2.5percent of the total hash speed of the network on any given day.

  • Bitcoin has dropped over the past few days after news demonstrated that OKEx had suspended withdrawals.
  • The cost of the leading cryptocurrency slipped from $11,750 to $11,450 where it’s now.
  • The leading cryptocurrency is primed to appreciate in the future despite short-term weakness.
  • One crypto-asset analyst noted that there is a confluence of on-chain tendencies showing Bitcoin is bullish.
  • Four of these metrics are as follows.

Bitcoin’s On-Chain Trends Are Bullish, Information Shows

Citing data from blockchain analytics firm CryptoQuant, a crypto-asset analyst believes that Bitcoin stays in a macro bull trend. He shared a confluence of on-chain tendencies showing why this is true. Four of those trends are as follows:
Featured Image from Shutterstock

BitInfo Charts, a leading data provider in the crypto area, reported that on October 15th, the hash speed of this Bitcoin network set a new all-time high above 157 exahashes each second. This is up many dozens of percentage since the start of 2020, cementing the bullish sentiment of miners.

Cost tags: Xbtusd, btcusd, btcusdt
Charts from TradingView.com
4 Crucial On-Chain Trends Show That Bitcoin’s Trend Is Bullish

  • The”market whale ratio,” which tracks how much Bitcoin large holders have deposited on exchanges, is currently low. This metric is the lowest it’s been because the 2018 lows, suggesting that there is minimal selling pressure from large holders.
  • The quantity of BTC that miners are sending to exchanges is currently at its lowest point since March 2017. This implies that on-balance, miners believe that Bitcoin will love and thus aren’t hedging their holdings by selling coins.
  • Simultaneously, miner reserves have been dropping rapidly, suggesting they have little”ammo to ditch.” It may be that Bitcoin miners are making over-the-counter deals, which can be corroborated by the large number of high-profile Bitcoin accumulation announcements. This implies that there is money on the sidelines to purchase Bitcoin and other crypto assets.
    Corroborating the bullish sentiment shared by the analyst above, the Bitcoin hash rate has continued to trek higher.
    Crucial to this hash speed growth is increased investment in the digital asset mining space.


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