Bitcoin and cryptocurrencies: they leave the “dangerous zone” and do not stop rising

Bitcoin and the rest of the cryptocurrencies start to rise again. For example, the most valuable crypto consolidated above the US$ 43,500, with a 2% increase.

Ether, the second most traded digital currency in the entire crypto ecosystem, it also rose 2% and is now trading at $3,300.

Other currencies climbed even higher: Solana 6%, Chainlink 7%, Luna 9%, Polygon 13%, Shiba Inu and Dogecoin 10%; and Near Protocol 17%.

The total volume of the market, that is, the digital money that cryptocurrencies “moved” in terms of purchases and sales in the last 24 hours was also on the rise: yesterday it was around US$93,039,000,000 and today it stood at US$115,937,000,000.

What will happen to the price of Bitcoin in 2022?

Bitcoin.

According to analysts from the Tradingview platform, the general market trend is bullish and so is Bitcoin. For this reason, they predict that The cryptocurrency will break the $45,000 resistance level to bounce back to $55,000.

In addition, they explain that Bitcoin has already left “the danger zone” and it only remains to wait for a “bullish momentum”.

For this prediction to hold, the miners, which are responsible for generating the blocks that make up the blockchain chain, adding to each of them a “password” (called hash) that serves to identify each block and introduce all new transactions back into the network, they should not sell a single penny of their bitcoin rewards, which they generate by participating in the network.

What do miners do and why do they earn cryptocurrencies? Bitcoin uses a mechanism called “work test” which requires miners to work connected to the blockchain to process each transaction on the network.

For each block, miners mine a block every ten minutes and receive a reward of 6.25 bitcoins.

This profit is used by mining companies to cover costs – such as electricity and rent – and take profits.

In this line, it was revealed that most miners did not sell a single penny of this bounty in the last two weeks. This means that the miners are “liquid” because they prefer to accumulate bitcoins and are speculating on a future rise.

In the event that miners go out on the market to sell their bitcoins en masse, there must be buyers who can absorb that amount. If this happens, Bitcoin will become strong and its price will skyrocket. In the opposite case, the crypto will fall again.

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