After days of seeing losses, most cryptocurrencies entered Friday in the green. Bitcoin values spiked by 4.34 percent and is trading at $19,312 (roughly Rs. 15.6 lakh), as per the crypto price tracker by Gadgets 360. The oldest cryptocurrency also grew in price by up to 4.60 percent on international exchanges. As per Binance, Coinbase, and CoinMarketCap, BTC is currently trading at $19,406 (roughly Rs. 15.7 lakh). This gradual recovery for Bitcoin comes days after the cryptocurrency struggled with losses.
Ether bagged even bigger gains than BTC, now that its eco-friendly upgraded version called the Merge is live. With a price hike of 6.08 percent, ETH is trading at $1,327 (roughly Rs. 1.07 lakh), the crypto price tracker by Gadgets 360 indicated.
Altcoins like Tether, Binance Coin, Ripple, and Binance USD to Cardano, Solana, Polkadot, and Polygon also reeled in gains on Friday.
The meme-based Dogecoin and Shiba Inu managed to grab the market momentum and hopped aboard the gain train as the global crypto market cap rose by nearly 5 percent in the last 24 hours. At the time of writing, the market cap of the crypto sector stood at $953 billion (roughly Rs. 95,304 crore), as per CoinMarketCap.
Meanwhile, Uniswap, ZCash, Flex, Gas, and Husky altcoins found themselves hit by losses.
In conversation with Gadgets 360, the research team at CoinDCX crypto exchange noted that this year, crypto mining metrics appeared grim, and that it has contributed as a factor in the prevailing market volatility.
“Ever since then, the average miner revenue has significantly reduced with a corresponding increase in the hash rate partly due to improved ASICs consequently increasing the difficulty levels and making mining less profitable that saw Average Daily Miner Revenues reduce three quarters in a row with a 27 percent , 22 percent, and 33 percent reduction in Q1,Q2 and Q3 2022 YTD respectively,” the CoinDCX team said.
Miner capitulation is often touted as a good indicator of Bitcoin price bottoms in the past with Bitcoin bottoms occurring multiple times corresponding to a Puell Ratio of 0.3. Currently it sits at 0.42 and could potentially revisit those levels in the coming weeks as the downtick in miner revenue continues to be exacerbated by rising energy costs.
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