Is the computing power of the Bitcoin network currently decreasing?
2024-07-02
Shilianniubite (niubite.com) shared that the computing power of the Bitcoin network has dropped to an unprecedented level since December 2022, when the FTX crash triggered a bear market. The current real Bitcoin computing power drop is -7.6%, indicating that Bitcoin prices may have bottomed out.
While other indicators such as the Bitcoin exchange reserves, Miner Position Index (MPI), and Bitcoin miner reserves also show low selling pressure, supporting the view of the market bottom. Before each bull run, some small miner groups will be eliminated. Currently, from all aspects, it has entered the bottom area, so the market will gradually show a slow rise phase next, which is consistent with the signals we see on the market.
Sony is entering the encryption industry. Big companies entering new industries will not work hard, they will only make acquisitions, and then iterate and optimize the acquired companies to push into the market.
Bitcoin is undergoing a healing adjustment and is not expected to have a significant increase in the short term, nor is there a possibility of a major decline. I mean that it will not fall below the position near 58,000, so according to the current situation, it is the best time to layout some high-quality altcoins and tracks. If you miss this time, you may miss the entire bull market. Those who have positioned themselves early also need to wait patiently.
The market is always born in despair, grows up in half-belief, matures in longing, and is destroyed in hope. - John Templeton, the father of global investment
This article is intended to provide readers with a brief analysis of the market and investment advice, rather than direct operational guidance. Investment is risky, and market entry should be cautious.
(The following sharing is for reference only and does not constitute investment advice)
BTC
BTC: Yesterday, BTC rose and fell back. The daily chart closed with a small bullish candlestick with a long upper shadow. Although it fell after rebounding yesterday, the closing price still remained above the 14-day moving average, and the price also held steady above the minor support at 62500. The short-term bullish trend remains unchanged, and the future outlook is expected to be volatile with an upward bias, with a target of 71000. Today, pay attention to the minor support at 62500 below and the minor resistance at 64000 above. Yesterday, it was recommended to buy at 63000, so continue to hold if you bought at that price.
ETH
ETH: Ether fell back yesterday after hitting a high, and the daily chart closed with a long upper shadow doji bullish line. Although the solid body of yesterday's rise was retraced, the closing price was above the 14-day moving average (which was the previous short-term downward pressure line), indicating whether the short term has turned to be predominantly bullish or effective. Looking ahead, there may be oscillations to the upside, with a target of 3800. Today, pay attention to the resistance at 3520 above and the support at 3400 below. Those who bought at 3450 yesterday should continue to hold, and for those who didn't, it's also possible to buy again at 3430 today.
Continue to follow the exchange rate 0057, breaking through is to open the medium-term upward trend, which is important for Ether.
AltCoin
STX: Stacks is a Bitcoin L2, bringing smart contract functionality to Bitcoin without modifying Bitcoin itself. Stacks uses a stacking method, with a base settlement layer (Bitcoin) at the bottom, then adding a smart contract and programmability layer (Stacks) on top, and then a layer on top of that to achieve scalability and speed (Hiro's subnet)
Circulating Market Cap is 3.5 billion dollars, Circulating Supply is 1.465 billion coins, Total Supply is 1.818 billion coins.
STX followed BTC to rise and fall yesterday, and the short-term trend remains volatile. Pay attention to the resistance at 1.9 above, which may trigger a strong rebound in the future.
Notcoin: It is a game based on Telegram. Users can earn in-game tokens by clicking on the coin image. Released as a Telegram mini-program in January this year, it has attracted over 35 million users in just 3 months, with a daily active user base of 6 million. Notcoin is the first project listed on all major top exchanges simultaneously. Over the next four years, the team will establish a series of effective and automated subsystems within the Notcoin ecosystem, including competitions, influencer partnerships, and governance processes. The goal is to seamlessly coordinate these subsystems to collectively create and attract value within the ecosystem. The total token supply is 102.49 billion, with a circulating supply of 102.49 billion, all in circulation.
NOT currently looks weak in the short term, but as long as the candlestick does not break the support, the TON zone recently saw the TON network TVL surpassing 6.8 billion US dollars, now at 6.8015 billion US dollars, hitting a new all-time high as the first gaming project in this zone, NOT continues to hold well.
ARKM: Arkham is a blockchain analysis and intelligence platform that provides real-world entity and individual information behind cryptocurrency market activities. Arkham has built a tool that allows users to search, filter, and sort any crypto transaction based on value, token, time, and counterparty. Arkham has raised over $12 million in funding. It belongs to the category of utility tokens and is also in the AI track. The total token supply is 10.0 billion, with a circulating supply of 2.046 billion.
ARKM: Yesterday can be considered a direct move to the major triangle's internal support. You can add to your position at this level and then hold patiently.
JASMY: JASMY is an internet of things + blockchain company that provides basic services such as data security, storage, and interaction for IoT environments based on blockchain technology. This project is a Japanese project with a current market capitalization of 1.28 billion and is basically in a fully circulated state without unlocking pressure.
JASMY: Short-term rebound lacks momentum, but support level has not been broken. Let's wait patiently for now. Both mainstream and altcoins are struggling to recover.