Key Points
Bitcoin’s Network Hash Rate Sees a Boost
Bitcoin’s hash rate has seen a notable increase. This surge is in line with the recent rise in Bitcoin’s price.
Data from Glassnode reveals that the hash rate is currently over 610 trillion. Although not the highest ever recorded, this figure is among the highest seen in recent months.
The increased hash rate has also led to a rise in network difficulty. The difficulty chart shows a significant climb in recent days, reaching its highest level in months.
Miner Revenue Fees Show a Decline
Despite the increase in network difficulty and hash rate, miner fees have not followed the same upward trend. A recent analysis of miner revenue fees shows a decline.
The fee started the month at over 5% and peaked at over 15% at one point. However, as of now, the fee has dropped to around 3%, marking the lowest point this year.
This current fee is not the lowest seen in recent months. A fee range of 1.6% was recorded between July and October 2023.
Bitcoin’s price trend shows a nearly 1% decrease on February 17th. Despite this drop, it has remained above $50,000 for five consecutive days.
At the time of writing, it was trading at around $51,800, with an increase of less than 1%. The short moving average (yellow line) acted as a support level, at around $44,300. This indicates that the price will likely remain above the yellow line in the event of a decline.
The Relative Strength Index (RSI) also shows a bullish trend. At the time of writing, the RSI was slightly below 80, indicating a strong bull trend.
For an increase in miner fee to occur, more network activities would be required alongside these other metrics.
