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Bitcoin [BTC]: Whales collect significant profits since beginning of BTC bull run

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Bitcoin [BTC]: Whales collected significant profits since the BTC-bull run began
Source: Pixabay

Whales and bulls may not live in close proximity in the outside world, but in the cryptocurrency realm, they are the best of friends. Ever since the current Bitcoin [BTC] bull run surfaced, the whales have been buoyantly active and have amassed huge profits.

Charted out by CryptoMedication, better known as ProofofResearch on Twitter, the ZeroNonCense researcher laid out the lucrative gains of the whales since the Bitcoin ascendance began. Despite the large margins, he stated that he was “confident” in the research, but maintained that the “whales have already exited” after cashing in their quick, but large gains.

Bitcoin’s bulls rampaged the market in early April, when the king coin saw its highest daily gain in over a day on April 2, recording over 15 percent positive price swing. However, due to the lack of a concrete source, the pump was seen as a one-off, hence the bullish swings of May painted a more telling tale of the bull-run.

Source: Trading View

May began with Bitcoin above $5,000, breaking $6,000 on May 9 and $7,000 three days later. With $8,000 proving to be a test for the top cryptocurrency, breaking the ceiling and falling back down, triggering a pull-back, the current positive movements poise BTC for another $8,000 incline.

Given the rapid May rise, with the press time price 30 percent over the price at the beginning of the month, CryptoMedication, laid out the bottom at $5,462. In a matter of weeks, the whales managed to amass a 31.89 percent profit, if they managed to sell the top coin at $8,020.62, the price prior to the pullback last week.

On the flipside, the ceiling placed by CryptoMedication is $9,034, which many in the industry expected Bitcoin to surge past given the incline on which it was trading. In comparison to the aforementioned price, $8,020 is around 12.64 percent below the same.

Additionally, the Relative Strength Index [RSI] indicates that after a dip from the “overbought” zone above 70, the index is looking to move into the same once again, following the May 19 bullish action.





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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum

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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
Source: Unsplash

Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”

A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.

The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].

Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.

Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”

Source: LongHash

Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”

Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.

The report added,

“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”

Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.

The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.

Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.





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