Bitcoin (BTC) had a spectacular start of the week - at least based on recent experience, where prices saw significant downward pressures. BTC prices quickly scaled the $3,500 level and continued to appreciate, while volumes increased to above $6.5 billion. After weeks of sell-offs, Bitcoin is seeing factors that led to the current boost and spark hopes of reaching a higher range.
Increasing dominance: Bitcoin is seen as the better bet, after the bear market hurt altcoins much more. The dominance of BTC in terms of market capitalization reached a recent high above 57%, and is now solidly above 54%. BTC prices remain relatively less volatile compared to altcoins, and the higher liquidity ensures the coin does not actually go down to zero.
Mining picking up: At least temporarily, Bitcoin mining is having a short-term reawakening. The difficulty is down 23% in the past month, meaning a higher potential for block rewards, as well as lower transaction fees. This brought many miners back, increasing the hashrate to more...
This article appeared first on Cryptovest
