It is safe to say the crypto market is still in an indecisive state. Major digital assets have been rocking back and forth between short bulls and bears in a bid to find some stability. The cryptocurrency market cap has heaved up by 0.39 percent as Bitcoin slightly spikes.
Bybit reads Bitcoin gained over 5.08 percent at $34,638 at the time of this report. Bitcoin as of yesterday shrunk below $33k seeing investors waiting for either a retracing or another push. Bitcoin still dominates over altcoins at 45.32 in the cryptocurrency market.
Ethereum gained over 8 percent and is now valued at $2,218. Binance Coin (BNB) also sprung up by 5.89 percent, Cardano (ADA) took up impressively by 9.37 percent following its inclusion as the third-largest holding of Grayscale.
Other altcoins were also in good condition. Polkadot and Dogecoin gained 5.95 and 3.56 percent respectively. Tesla’s Elon Musk has awoken to his self-acclaimed roles on Dogecoin and has been making tweets recently in support of it.
Bitcoin Difficulty Takes the Most Negative Dive Ever in History
Analytics firm, Glassnode revealed that Bitcoin’s mining difficulty has nosedived into its largest downward adjustment ever. The platform’s indicators point out that the adjusted difficulty has declined by – 28 percent. This is the most extreme so far that the leading blockchain has seen.
Bitcoin has been on a rough road down the second quarter of 2021. After enjoying a high-level position in the first quarter to the early weeks of May, the crypto asset capitulated quite severely. BTC plummeted by over 56 percent from May leading other altcoins as well towards the bears.
Crypto enthusiasts are still optimistic of a comeback as Bitcoin miners take the initiative to settle in other accommodating locations after China kicked out. Major speculations suggest Texas, Iran, Russia, and Canada as the alternative locations for Bitcoin miners.