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Cryptocurrency News Articles
Bitcoin (BTC) Growing Network Activity Hints at Upcoming Price Rally
Oct 22, 2024 at 02:30 pm
Bitcoin’s (BTC) Growing Network Activity Hints at Upcoming Price Rally. Even Bitcoin’s mining difficulty is expected to reach a record-breaking value tomorrow
Bitcoin price dropped today as short holders sold their positions following BTC’s recent rally. However, Internet Computer price showed a slight increase against BTC, while ICP price dropped overall. Meanwhile, Lunex Network’s presale continues to attract attention.
Bitcoin price experienced a slight decrease on Wednesday, as short holders began to sell their positions following BTC’s recent rally. However, the world’s leading cryptocurrency still showed signs of strength, as its hashrate reached a new high and mining difficulty is set to reach a record-breaking value.
Bitcoin price briefly hit a 3-month high of $69,500 today, but it quickly retraced when short holders began liquidating their holdings. BTC price dropped to a low of $66,200 before recovering to trade at $66,961.21 at the time of writing. The token dropped by 2.35% in the last 24 hours, but it remained up 11.06% over the last 7 days.
Bitcoin price dropped from a high of nearly $70,000, as short holders sold their positions. However, the token still showed signs of strength, as its hashrate reached a new high of 925 Eh/s today. This reflects the growing network activity, which is expected to lead to an increase in mining difficulty.
According to data from BTC.com, Bitcoin’s mining difficulty is expected to reach a record-breaking value tomorrow, with an adjustment of 3.34% to reach 925 Eh/s. The last time Bitcoin’s mining difficulty reached this high was in June 2022.
As mining difficulty increases, it becomes more difficult to mine Bitcoin blocks, which could lead to a decrease in the number of blocks being processed per hour. However, the latest data showed that Bitcoin is currently processing blocks 40 seconds faster than anticipated.
With Bitcoin making an impressive comeback over the last few days, investors are becoming increasingly optimistic about the possibility of BTC price reaching a new high of $80,000 by the end of 2024. Several analysts have made this prediction, based on technical analysis and market sentiment.
If Bitcoin price does manage to reach $80,000 by the end of 2024, it would represent a gain of over 200% from current levels. This would be a significant rally, but it is certainly within the realm of possibility, given the volatility of the cryptocurrency market.
However, it is important to note that this is just a prediction and there is no guarantee that it will come to fruition. As always, investors should do their own research and consult with a financial advisor before making any investment decisions.
Internet Computer price showed a slight increase against BTC on Wednesday, but ICP price dropped overall. The token’s volume increased, indicating growing network activity.
Internet Computer price dropped on Wednesday, but the token showed a slight increase against Bitcoin. ICP price is now up 2.72% against BTC, but it dropped overall by 3.51%.
The token’s volume has increased over the last 24 hours, indicating growing network activity. However, ICP price is still down 70% from its all-time high.
Internet Computer price is currently experiencing a downtrend, having fallen by over 70% from its all-time high. However, the token showed a slight increase against Bitcoin on Wednesday.
ICP price dropped to a low of $7.50 during today’s session, but it recovered to trade at $7.98 at the time of writing. The token dropped by 2.72% against BTC, but it is still up 10.27% from last week’s price.
Internet Computer price is now showing signs of recovery, as it rose from a recent low of $6.90. The token could experience a potential rally in upcoming days, as its MACD Level has formed a bullish crossover with the signal line.
If Internet Computer investors can increase buying pressure in the next few days, ICP price could reach the $10.76 level before the end of October. This would represent a gain of over 70% from current levels.
Lunex Network’s new DeFi exchange is already poised for a 100x rally, as the project raises over $1.1 million in presale.
While ICP and BTC experience uncertain market conditions, savvy traders are betting big on Lunex Network’s viral presale offer. The project’s unique strategy to launch a non-custodial DeFi exchange is attracting a variety of investors.
Lunex Network’s presale has already raised more than $1.1 million, which is set to be used for the exchange’s development and to create a liquidity pool for the native $LNEX token
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