Bitcoin [BTC] holders should look at these metrics before deciding to HODL
Source: GlassnodeThis development could have a negative impact on BTC’s future in the long term and BTC traders might end up in losses.
However, traders may not be the only ones that could be impacted. BTC miners may also feel the heat. To add to the same,The decline in mining revenue could lead to selling pressure from miners that could impact the profitability ofAdditionally, as can be seen from the image below, the daily on-chain transaction volume in profit also declined over the past month.
Crypto analytics platform, Santiment indicated that the number of profitable transactions on the Bitcoin network was decreasing.The fall in profitability could alienate potential BTC investors and traders from investing in the king coin, thus forcing them to look for other cryptocurrencies to invest in.Despite the number and weightage of bearish indicators for Bitcoin in the last few days, BTC still managed to show some growth in terms of market cap dominance.
BTC’s market cap dominance grew by 5.95% in the past 30 days and managed to capture 38.38% of the total crypto market, at the time of press.At the time of press, Bitcoin was trading at $19,522.17 and depreciated by 1.94% over the last 24 hours.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin’s hashrate posts impressive numbers, but when will BTC’s price do thatAccording to a tweet by Messari (crypto analytics platform), Bitcoin’s hashrate has grown significantly compared to Q2. Evidently, the growth in BTC’s hashrate would end up making the BTC network more secure. However, if BTC’s price declines even further, a large amount of selling pressure from the miners’ end can’t be ruled out. Here’s AMBCrypto’s Price […]
Read more »
Bitcoin’s next bull run may have a USDC connection, here’s ‘how’Bitcoin’s [BTC] next bull run could depend on how well USDC would flow into exchanges, according to the CryptoQuant CEO Ki Young Ju. The investor noted that the stablecoin played a crucial role in BTC’s future because a chunk of institutional investors held more USDC than any other stablecoin. Young Ju noted that organizations, including Goldman […]
Read more »
Solana’s staking metric has some good news for SOL holdersSolana’s price was massively impacted due to the recent downtime. Even though the sentiment of the crypto community was against SOL at the time of the press, Solana’s stakers have continued to show faith in the ecosystem. Here’s AMBCrypto’s Price Prediction for Solana for 2022-2023 What’s at stake After the downtime that occurred on Solana’s […]
Read more »
NEAR holders should take a look at this stat before taking profitsNEAR Protocol announced on Twitter that they had formed a partnership with Google Cloud. According to the official statement, the cooperation was formed so that network developers who had received grants could more easily create and deploy Web3 projects and decentralized applications (dApps). Now, you ask, how did the market react to this new partnership? Instant […]
Read more »