All top cryptocurrencies from the CoinMarketCap capitalization rating completed the week with positive movement. At the press time, Bitcoin is trading at $ 9832 with a daily growth of cryptocurrency to 2.33%. Recall that on Tuesday the BTC rate was trading above the level of $ 10,000.
Against the backdrop of changes in the BTC network, popular crypto analyst PlanB brings up a crucial condition that he thinks would help Bitcoin growth further in the market – the subject of Bitcoin-ETF release. The specialist believes that the asset will move positive with the appearance of a financial instrument in the market, by analogy of gold.
— PlanB 🔴 (@100trillionUSD) June 4, 2020
Other participants noted that growth could be significantly greater than gold, since in this case ” the newly-minted supply is completely inelastic to demand.”
Recall, the Block analysts agreed with the opinion that the digital asset market needs a Bitcoin-ETF. According to experts, the lack of regulated financial instruments is one of the reasons against which many investors do not purchase cryptocurrencies.
Bloomberg, in turn, believes that another SEC refusal endangers the launch of Bitcoin-ETF in 2020. However, experts are confident that the digital asset will be able to realize growth during 2020.
According to analysts, the coronavirus pandemic accelerated the development of Bitcoin as a separate asset for investment. According to experts, this is also indicated by the constant growth of interest in BTC from companies such as Grayscale Investments.
Also, Bloomberg drew attention to the fact that the collapse of the crypto industry in March was “a key test that BTC easily passed.” The advantage of the current position of cryptocurrency is the low level of volatility. Thus, Bloomberg experts believe that growth prospects are open for cryptocurrency.
Meanwhile, the BTC hash rate keeps demonstrating undulatory movement after getting a local low. The latter was achieved against the backdrop of the first cryptocurrency halving.
Bitcoin Hash Rate Resumed Growth
The increase in the hash rate may be because major miners have already begun running the latest hardware from Bitmain and MicroBT manufacturers to be able to use them with the onset of the rainy season in China when electricity prices in the region traditionally decrease.
BitInfoCharts data indicates that the expected mining income in terms of each TH/s has decreased to $ 0.09 per day. Before halving, this figure was at the level of $ 0.161 per day. Note that since the decline in the reward, Bitcoin has risen in price by more than 14%, and competition between miners has significantly decreased.
At the same time, as the hash rate of the Bitcoin network grows, the mining difficulty has been falling for the second week in a row. To date, the indicator falls to the lowest level since January 2020. According to BTC.com, after the next recount that took place on block 633 024, mining difficulty fell by 9.29% – from 15.14 trillion to 13.73 trillion.
The drop is the second-largest in a year. The local maximum was recorded at the end of March.