When it comes to gauging the cryptocurrency sentiment, market statistics only tell a part of the story. Despite massive price losses, the network hashrate is still looking healthy ahead of the upcoming block reward halving.
Looking at today’s Bitcoin price, there is no real excitement.
Bitcoin is Incredibly Resilient
It would appear that the market will remain subdued after the onslaught that took place earlier in the week.
Most people are not even looking at Bitcoin despite it being available for purchase at half the price compared to a few weeks ago.
With a near 45% discount available, one would expect there to be a lot more buyers.
So far, that momentum has not materialized in the slightest.
One thing that is apparent, however, is how Bitcoin miners aren’t giving up just yet.
Instead, most of them are happily chugging away at the network as of late.
A more logical outcome would be to see a major decline in mining interest after such a price shift.
Given the recent price drop and upcoming block reward halving, few people expected this type of momentum.
It goes to show that the long-term belief in the world’s leading cryptocurrency isn’t diminishing by any means.
How that will reflect on the price, remains to be determined.
A strong price bounce is direly needed at this time.
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