The price of the most popular cryptocurrency managed to consolidate above the level of $ 9,000, setting a new high since May 2018. This led to increased activity not only on trading floors. The bitcoin blockchain also recorded a number of world-breaker values.
According to blockchain.com, bitcoin blockchain hashrate set an absolute record the previous day. It reached the level of 62,246,627 TH/s breaking the previous maximum of 61,866,256 TH/s. This indicator was achieved 10 months ago. At that time, the BTC/USD pair was also near the $ 9,000 level, however in those days analysts were talking about a downtrend and market correction.
The data of different agencies on Bitcoin hashrate can vary considerably. However, there is no doubt that now the miners have intensified their activities.
The data by blockchain.com is confirmed by the information from coinmetrics.io portal. It reports that the number of active wallets in Bitcoin blockchain exceeded 1 million units. This is a record for the last year and a half. It is interesting that back then the BTC/USD pair also stormed the $ 9,000 mark, but only on ascending trend.
Joe Saz, cryptocurrency analyst, believes that there is a long upward trend ahead of the market. He made this conclusion based on the fact that there has been a massive closure of Bitcoin short positions in recent days. The investors do not want to get rid of this asset, so they put a stake on its growth.
As BlockTV reports, during the day short positions on Bitcoin totaling $ 100 million were liquidated. Here they are confident that the market atmosphere has changed dramatically, and one can speak about the final completion of crypto winter.
However, Joe Saz has no doubt that there is no need now to show excessive aggressiveness in trading. Such a rapid growth in demand can be replaced by a serious correction at any time. He recommends waiting for the market to calm down a bit. Otherwise, large volatility will be able to take out of the trade both buyers and sellers.
The situation may be slightly clarified by the study of other cryptocurrencies. Consequently, Ethereum price is coming close to $ 274, but the picture here is not so joyful. The general boom on cryptocurrency market pulls up the ETH/USD pair, but there is no global positive on Ethereum. Moreover, this is observed not only on the trading floors, but also in blockchain itself.
Over the past 6 months, the number of active nodes on Ethereum blockchain has decreased by almost 30%. Moreover, there are very serious fluctuations here, their number can fall and grow by 5-10% for a day.
All this indicates that currently agiotage begins on cryptocurrency market. Traders and investors are active purchasers. However, as soon as their optimism falls, a sharp profit taking begins. There comes a time when too aggressive trading can have an unpredictable effect. That is, one needs to exercise maximum caution and avoid undue risk.