Dubai, UAE – The value of bitcoin rose above $36,000 on Thursday for the first time since May 6, 2022, the Coindesk platform said on Wednesday.
Bitcoin is a decentralized system of the eponymous cryptocurrency based on blockchain technology. It can be issued by any user who is a member of the system. The system concept was published in November 2008, but has exploded in popularity in recent years.
In a promising turn of events for Bitcoin enthusiasts, miners are steadily accumulating their block rewards, potentially driving the cryptocurrency’s price toward the coveted $40,000 mark. The Miner Wallets metric, which monitors the balances of recognized Bitcoin miners and mining pools, currently reveals that these key players hold approximately 10% of the total Bitcoin circulation supply, reports fixempire.com. Their trading activity wields substantial influence over BTC’s price movements.
The prevailing sentiment in the market suggests that if miners continue to amass their rewards this week, Bitcoin’s price could maintain its upward trajectory. Investors and traders are closely watching this development, hoping for a positive impact on their portfolios.
Adding to the bullish momentum, it appears that Bitcoin’s market demand has exceeded its supply. Data from the Aggregate Order Books, compiled from 20 major crypto exchanges including industry giants like Binance and Coinbase, reveals that bulls have actively placed orders to purchase 55,000 BTC at current prices. In contrast, traders have only listed a total of 43,000 BTC for sale. This significant discrepancy further strengthens the notion that Bitcoin’s upward movement is being driven by enthusiastic buyers.
As we move further into this month, Bitcoin bulls are taking a firm hold of the market. Their confidence and enthusiasm are reflected in the growing demand for Bitcoin, while the available supply dwindles. If miners continue to accumulate their rewards, it is plausible that Bitcoin’s price could make a decisive push towards the $40,000 level in the coming weeks. This development paints an optimistic picture for those with a stake in the world’s leading cryptocurrency.