For crypto investors, this Monday morning is somewhat synonymous with a cold shower! Indeed, most cryptocurrencies see their price plummet. Bitcoin, the leading crypto, is obviously no exception to this crypto domino! However, there are grounds for hope for Bitcoin!
Bitcoin price at € 36,000, down 7% over the last 24 hours!
At the time of writing this article, Bitcoin’s price is down 7% and hovering around € 38,300 ($ 45,000). This price follows recent unsuccessful attempts by BTC to sustainably hold above the resistance value of $ 48,500.
BTC price is going down and failing to stabilize on lower resistance levels like $ 47,550 and $ 46,800. However, if the price of Bitcoin is in red, the positive signals are indeed present!
Bitcoin is holding up better than other top 20 cryptos!
Of course, a 7% drop in a matter of hours is significant! However, it is interesting to note that in this mini crypto crash, Bitcoin is doing better than most of its competitors.
In fact, if we look at the top 20 cryptos, Bitcoin is the crypto that decreases the least (stablecoins aside). For comparison, you should know that at the same time, cryptos like Cardano and Polkadot are dropping almost 11%! The Solana, despite having the wind in its sails, lost more than 14%!
Bitcoin mining activity hits record highs!
Another positive signal to take into account concerns mining activities. As has been widely reported by the crypto press, Bitcoin mining has encountered difficulties in China. While China owns the largest share of Bitcoin mining, it has implemented several coercive laws that have driven miners into exodus!
Unsurprisingly, this movement of the plate was confirmed at the level of the figures with a hashrate (a value that characterizes the mining activity) at half mast. So on June 28 the hashrate hit a very low level with only 69 pe / s. But since that date, hashrate level increased by almost 128%. On September 14, 2021, the hashrate recorded a level of 174 pe / s. These figures show that Bitcoin mining activities, essential to the functioning of the network, are on the rise again.