Bitcoin (BTC) has slightly backtracked just over the weekend, considering it also succeeded in securing remarkable earnings as the cryptocurrency is presently trading at $18,544 at press time. BTC has increased by over 4 percent in the past 24 hours.
BTC’s network mining difficulty has risen by 8.9 percent today. As cited by on-chain crypto analytics firm Glassnode, Bitcoin’s mining difficulty is presently only 4.4 percent below its all-time high (ATH).
In the past, when Bitcoin’s mining difficulty rose in 2013 and 2016, it also considered the bull cycle’s start in those years. The rise in mining difficulty could also mean more fees required from the users.
As Bitcoin achieved to climb over 4 percent in the past 24 hours, some analysts advise that institutional investors dismiss the world’s largest cryptocurrency’s volatility.
Holger Zschäpitz’s twitted:
Zschäpitz noted in conjunction with the recent news of an institutional investor looking into investing in cryptocurrencies. Count Guggenhein Partners LLC has recently sought to invest in Bitcoin, as noted in a US Securities and Exchange Commission filing on Nov. 27. The filing read:
“The Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of it Net Asset Value in Grayscale Bitcoin Trust.”
Guggenheim’s potential investment in Bitcoin has been echoed by prominent investors, including Paul Tudor Jones and Stanley Druckenmiller, who have announced that they have invested in the world’s largest cryptocurrency.
Crypto analytics firm Santiment remarked that as positive commentaries about Bitcoin have been approaching its 6-month high levels. Nevertheless, negative comments have also grown, but to a lesser degree. Market sentiment encourages cryptocurrency markets, according to Santiment.
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