To new shores: Bitcoin miners give hash rate tasting

As Bitcoin and Ethereum come under selling pressure, the bulls take over the altcoin market. The miners are already preparing the next course for the rally menu.

After Ethereum (ETH) set a new record high of $ 2,153 in yesterday’s trading session, profit-taking pushed the second largest cryptocurrency into the red. In a daily comparison, Ether slipped 1.2 percent to $ 2,106. The number 1 also leaves feathers on a day-to-day basis. At the time of going to press, the Bitcoin exchange rate (BTC) is quoted at 58,274 US dollars, which is one percent compared to the previous day.

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While the Bitcoin rally is running out of fuel, investors are ringing the old season bell. From the list of the top 10 crypto assets, Ripple’s XRP stands out the furthest with a daily gain of 19.7 percent. Litecoin (LTC) and Chainlink (LINK) also shine with 8.3 and 8 percent price increases, respectively. Binance Coin (BNB) and Cardano (ADA) are also on par with 6.7 and 6.6 percent increases in value in the last 24 hours. On the other hand, Polkadot (DOT) and Uniswap (UNI) are in the red. However, it is not surprising that the DOT price is losing 4.3 percent. Just four days ago, Polkadot set a new record high. As with Ethereum, investors realize their partial profits and thereby dig the ground a bit.

Overall, the chart images continue to paint a bullish overall picture with moderate price increases and decreases. Since yesterday, total market capitalization has been defending the newly conquered US $ 2 trillion mark, which, as an interim result of a constant growth trend, impressively underscores the spirit of optimism in the crypto market. With a plus of 0.3 percent, the lead is already expanding. If the brand can withstand the expected sales, the market should move into a warm crypto spring.

Bitcoin paves the way

The decisive factor here is the performance of the market-dominating crypto key currency. Bitcoin accounts for just over half of the total market capitalization at $ 1.077 trillion. And the chances are good that the Bitcoin Market Cap will no longer slide below the mark.

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Because like the on-chain experts from Glassnode write, a strong level of support has formed just above the 1 trillion hurdle during the rally. Accordingly, “above the threshold of 1 trillion US dollars, 1.98 million BTC were exchanged, which corresponds to 10.6 percent of the circulating supply”. It is also impressive that “this on-chain volume has formed one of the strongest on-chain support levels since prices were between 11,000 and 12,000 US dollars”.

In short: subsequent purchases and new entrants stabilize the ground and form a safety net for major corrections. Miners also contribute to this, who amass their Bitcoin stocks again. Up until a few weeks ago, the crypto miners were constantly exerting pressure to sell. According to Glassnode, the fact that miners accumulate their coins gives “an insight into the mood of some of the biggest bulls in the Bitcoin market”.

This bull sentiment can also be seen in the mining activity. The Bitcoin hash rate only reached yesterday a new all time high. Since mass orders for graphics cards are still waiting to be delivered, the computing power of the Bitcoin network is likely to remain in record mode for a while and still reach unimagined heights over the course of the year.

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