This data on Bitcoin tells a ‘bull’ story
Bitcoin has declined from the $8,000 level in the past few days to under 7400 and is now struggling to hold above 7400.
However, market analyst Naeem Aslam, in his article in Forbes, has had hashes in Bitcoin in recent months. He pointed out that the rate of growth has increased steadily.
Naeem said, “There is an area where we see growth and the hash rate increases, along with decreases in price and market capitalization.. This may lead us to believe that the miners know something we don’t.” He said.. When we bring the graphs of the cryptocurrency market capitalization and hash rate side by side, we can clearly see the deviation.. Prices are still falling, but why is the hash rate increasing? The hash rate of the network increases as more miners join the network. This tells us that even though Bitcoin prices are falling at a steady pace, miners continue to be interested in Bitcoin mining.”
‘Bitcoin’s outlook is bullish in the eyes of miners’
Naeem said that, at least in the eyes of miners, it can be concluded that the outlook for Bitcoin is bullish.. “Ultimately, miners don’t want to devote their resources to a digital asset that they believe is worthless,” Naeem said.. Miners are working to make money, and perhaps this drop will allow them to accumulate more Bitcoin at lower prices in preparation for the next bull run.” Naeem said.. In this case, the data shows that miners pay less attention to Bitcoin mining and focus on other cryptocurrencies.. It seems to me that miners ignore the short-term dips in the market and take a longer-term view on Bitcoin. This fact should give confidence to investors. Network support is very strong and should continue to grow. Miners are arguably the most important asset of the Bitcoin ecosystem, as they are essential for generating new blocks and keeping the network secure.. A strong group of miners who seem eager to support the network creates the image that Bitcoin is positioned forward.”
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