- Bitcoin (BTC) has seen impressive on-chain metrics including hashrate that attained an ATH.
- The premier coin’s price has maintained a steady growth amid visible whale accumulation.
The current rally in the broader digital currency ecosystem may be lasting much longer with crucial onchain metrics showing Bitcoin (BTC), the industry’s premier coin, has more arrows in its quiver. Since it surged above the psychologically important resistant level at $18,000, the cryptocurrency has maintained a mild range of $18,100 and $18,317.62.
While this growth range shows that the volatility in the industry as typically defined by BTC is mild, it is still a good sign for the cryptocurrency in the long term. According to data from crypto analytics service provider, Glassnode, the growth of Bitcoin toward the $18,200 price range has placed as many as 13 percent of all circulating Bitcoins into profit.In a late afternoon tweet Yesterday,Glassnode said:
“As #Bitcoin rallies to $18.2k, over 13% of the Circulating Supply has returned to profit. The observed sharp move upwards in this metric helps to confirm that a large volume of $BTC was acquired between $16.5k and $18.2k,” Glassnode said in a late afternoon tweet today.
According to data from CoinMarketCap, there are currently as many as 19,260,043 BTC in circulation and 13 percent of this figure is more than 2.5 million Bitcoin units that are in profit at this time. This sentiment is good, especially for short-term buyers as the immediate accumulation of dividends on their assets can drive them toward stacking up on the cryptocurrency.
Bitcoin (BTC) Crucial Network Milestones
Another earlier Glassnode data showed that the Bitcoin (BTC) hashrate, a measure of how difficult it is to mine the cryptocurrency has hit an All-Time High (ATH) of 270 EH/s, based on a 14-day moving average.
One common theme for miners over the past year is the rise in energy costs, an event that has made it relatively more difficult to attain profitability considering the crypto winter pushed prices below profitable levels. As shared by crypto analyst Dylan LeClair, miners are now returning back to work as many are running out of new coins to dump.
Hash rate moving averages for a different perspective.
Miners look to be running out of inventory to dump. pic.twitter.com/FA7Srkiuuk
— Dylan LeClair 🟠 (@DylanLeClair_) January 11, 2023
As reportedly earlier by Crypto-News Flash, Bitcoin miners are recording a whole lot of varying headwinds at this time with Core Scientific notably shutting down over 37,000 rigs belonging to bankrupt crypto lender, Celsius Network. While this event is expected to reduce the Bitcoin hashrate, we can argue that it boosted it since more liquid miners easily plugged their machines back into the system to cushion the shortfall.
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Many miners sold off their mined Bitcoins over the course of the past year and without more coins to sell, many have had to surmount the current energy challenges to get back to work.
One major observation that is worth highlighting is that Bitcoin (BTC) whales are notably accumulating the coin. Events like this signal an end to the unapologetic selloffs that have rocked the industry for more than 12 months. Should the bottom truly be in, we can expect additional surges in the price of Bitcoin over the course of the quarter and the sustenance of this trend might effectively put an end to the damning crypto winter.
