top of page

Bitcoin price rally could sustain with decline in stablecoin dominance

Bitcoin price rallied to its local peak of $38,400 on November 24, before pulling back to $37,300, early on Monday. The asset’s late October to early November rally was driven by rising stablecoin reserves on exchanges, according to Santiment data. A similar outcome is expected from the declining stablecoin dominance. Bitcoin mining difficulty noted a difficulty adjustment at block height 818496. The mining difficulty was raised by 5.07%, and climbed to 67.96 Trillion, a record high. The recent spike in mining difficulty is therefore a milestone for the Bitcoin network. BTC price rally to $35,000 was likely catalyzed by the rising Tether and USDC reserves across exchange platforms.


Check out the hashd app. It gives you important crypto news and updates in short, simple and easy to read slides. Amazing!



Comments


bottom of page