Bitcoin is approaching the 2017 rally …

Bitcoin is approaching the 2017 rally …

Can Ethereum Still Rally?

Contents

Bitcoin is getting closer to rally 2017 despite weak network performance
CONTENT

  • Bitcoin’s Next Key Level Is 20,000, Binance CEO Says

  • DeFi market trading volumes plummet

  • Average fees on the bitcoin network return to historic highs

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Leading digital asset by market cap is back on track to repeat its famous 2017 bull rally

Despite weak indicators, including a collapse in the complexity of mining, bitcoin still managed to overcome the $ 15,000 mark for the first time in three years.According to analysts at Binance Research, several factors helped bitcoin in this: the accumulation of assets for traditional investors in the Grayscale Bitcoin Trust, growth the volume of tokenized bitcoins WBTC on the Ethereum blockchain (more than 152 thousand WBTC issued), as well as public support of the cryptocurrency market by the payment giant PayPal.

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Bitcoin is approaching the 2017 rally ...

However, along with the rise in prices, commissions also increased. For the first time since January 2018, the average Bitcoin transaction fee exceeded $ 12. The key feature of the current rally, according to analysts, is a comprehensive decline in the performance of the Bitcoin blockchain network..

Source: bitinfocharts.com

In early November, the difficulty of Bitcoin mining plummeted from a record high of 20 terahesh / sec to 16.79 terahesh / sec on November 3. Likewise, the average hash rate is currently around 120 exaches / sec, down 15% from the previous peak in mid-October, Binance Research notes..

Bitcoin is approaching the 2017 rally ...

Further only a record

Also, the analytical department of the cryptocurrency exchange believes that the growth may be the result of public recognition of the potential of cryptocurrency as a global macro-hedge asset..

“… the lack of alternative safe assets could also have occurred due to the recent consequences of COVID-19,” experts say.

It is noteworthy that against the background of an increase in the price of bitcoin, the decentralized finance market, which experienced a historical excitement in the summer of 2020, sank significantly. In October, trading volumes on decentralized trading floors fell by 27% (about $ 9.5 billion) from the September record.

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The head of Binance Changpeng Zhao believes that the next price barrier for cryptocurrency is already a historic high at around $ 20,000. Meanwhile, Google Trends data indicate an increase in mainstream interest in the leading cryptocurrency, and the bitcoin greed index is located at the level of extreme greed “at around 90 out of possible 100.

Source: twitter.com

What the market hype around bitcoin can lead to – read in a special material from BeInCrypto. At the time of this writing, the price of BTC / USDT is $ 15 552.

Bitcoin is approaching the 2017 rally ...

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