Bitcoin
Bitcoin’s $69K ATH – Is good news for miners affecting you too?
Bitcoin has resumed its upward trend, and miners are smiling at the bank with increased revenue.
- Bitcoin miner revenue revisits previous ATHs.
- BTC continued its rebound with an almost 1% increase.
Bitcoin [BTC] has recently achieved all-time highs (ATHs) as its price tests different zones. Concurrently, with the renewed surge in price, miners have also experienced an all-time high in their daily revenue.
Bitcoin miner fee sees spikes
An examination of Bitcoin miner revenue on Glassnode revealed a significant spike on 5th March. The daily miner fee surged to $75.9 million, marking the highest daily revenue since around April 2021.
At the time of this writing, the daily miner fee has decreased to approximately $62 million. Despite this decline, the fee remains among the highest observed since December 2021.
Source: Glassnode
Furthermore, the spike in fees can be attributed to the surge in daily transactions. Analysis of the volume chart on Santiment indicated that on 6th February, BTC volume reached over $102 billion.
This marked the first instance in over a year that BTC witnessed such high volume. At the time of this writing, the volume was over $55 billion.
Bitcoin miner reserve sees gradual decline
Analysis of the miner reserve on CryptoQuant showed that the reserve experienced a decline as the fee increased. At the time of this writing, the reserve was over 1.820 million.
At the beginning of the month, the reserve was approximately 1.821 million, and around 1.827 million at the start of February.
The decline suggests that miners are selling off their holdings as BTC prices climb. Although this has not yet impacted the price of BTC, more substantial declines could lead to a drop in its price.
Bitcoin continues price rebound
A detailed analysis of the Bitcoin price trend on a daily timeframe showed a pullback after surpassing $68,000 on 4th March. This marked the first time Bitcoin had reached this level in over a year.
How much are 1,10,100 BTCs worth today
At the time of this writing, Bitcoin was trading at around $66,700, following an almost 1% increase in value. This continued the 3.6% increase observed in the previous trading session.
Furthermore, Bitcoin remained in the overbought zone, as data from its Relative Strength Index (RSI) indicated. At the time of this writing, the RSI was close to 75.
Source: TradingView
