Researcher Geert Jan Cap showed increasing signs coming from Bitcoin’s thermocap metric. Which indicated that Bitcoin’s bull cycle could continue.
Thermocap is a metric that aims to track Bitcoin price cycles based on actions taken by miners and investors. Regarding the buying and selling of BTC.
It employs the so-called thermocap multiple, which divides the price of Bitcoin on a given day by the cumulative block allowance. Or all the rewards earned by miners from day one.
The resulting value gives an idea of how profitable it is to sell at a certain price. And thus why price volatility may have occurred at various times in Bitcoin’s history.
The thermocap metric also allows comparison of bubble peaks and appears to show a relatively constant value of the multiple of “healthy” price levels. Among other benefits.
As of January 17, 2021, Bitcoin’s thermocap multiple stood at 17.5, down from a recent high of 20 earlier in the month.
BTC rose slightly this Monday
Bitcoin rose only slightly on Monday after seeing its biggest weekly drop in more than four months.
Bitcoin saw a sharp drop in price a week ago. Dropping from $ 40,000 to $ 30,305 in a matter of a few hours, mainly due to strong sales in the spot market.
Now, at the time of writing, the market’s leading cryptocurrency is trading at $ 36,146 according to our internal crypto online tool. Registering a variation of 1.31% in the last 24 hours.
The first Hyperledger-based cryptocurrency increased 486%
A little-known altcoin called Metacoin (MTC) posted 486% profit growth in just 24 hours. After Bittrex announced that it would include a pair with Bitcoin (BTC) for the cryptocurrency.
On January 15, cryptocurrency exchange Bittrex Global announced that it had opened its Metacoin wallet for MTC deposits, and that they will soon offer trading against Bitcoin.
Just over 48 hours after the announcement was made, the price of MTC had more than quintupled. From a starting price of $ 0.026540 on Sunday night, the dollar value of the coin increased. Rising to a brief high of $ 0.155600 on Monday afternoon, a 486% increase.
The team of President-elect of the United States, Joe Biden, revealed part of his team to lead the Securities and Exchange Commission. Both of whom possess deep knowledge of cryptocurrencies and blockchain technology. A key pick is Gary Gensler as chairman of the Securities and Exchange Commission, or SEC, according to a statement from Biden’s transition team. Chainlink’s LINK token established a new one. record price early Monday. And other altcoins are seeing solid gains amid Bitcoin’s slight rise.
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