A recent publication showed that the upward cycle of Bitcoin can continue. That’s how Bitcoin’s Thermocap Metric detailed it.
Researcher Geert Jan Cap showed increasing signs coming from the Bitcoin Thermocap Metric. This indicated that the Bitcoin upward cycle could continue.
Thermocap is a metric that aims to track Bitcoin price cycles based on the actions taken by miners and investors. Regarding the purchase and sale of BTC.
It uses the so-called thermocap multiple, which divides the Bitcoin Profit price on a given day by the cumulative block subsidy. Or all the rewards obtained by the miners from day one.
The resulting value gives an idea of how profitable it is to sell at a given price. And, therefore, why the price volatility may have occurred at various points in Bitcoin’s history.
The thermocap metric also allows for comparison of bubble peaks and seems to show a relatively constant value of the multiple of „healthy“ price levels. Among other benefits.
As of January 17, 2021, the Bitcoin thermocap multiple stood at 17.5, down from a recent high of 20 earlier this month.
BTC went up slightly this Monday
Bitcoin rose only slightly on Monday after seeing its biggest weekly drop in more than four months.
Bitcoin recorded a sharp drop in price a week ago. Dropping from $40,000 to $30,305 in a matter of a few hours, mainly due to strong sales in the spot market.
However, at the time of this writing, the market-leading cryptomoney is quoted at USD 36,146 according to our internal online crypto tool. Registering a variation of 1.31% in the last 24 hours.
The first Hyperledger-based crypt currency increased by 486%
A little known altcoin called Metacoin (MTC) recorded a 486% growth in profits in just 24 hours. After Bittrex announced that it would include a pair with Bitcoin (BTC) for cryptomontage.
On January 15, the Bittrex Global Cryptcoin Exchange announced that it had opened its Metacoin wallet for MTC deposits, and will soon offer trading against Bitcoin.
Just over 48 hours after the announcement was made, the price of MTC had more than quintupled. From an initial price of USD 0.026540 on Sunday night, the dollar value of the currency increased. Rising to a brief high of USD 0.155600 on Monday afternoon, an increase of 486%.
Of Interest
U.S. President-elect Joe Biden’s team unveiled part of their team to run the Securities and Exchange Commission. They have a great deal of knowledge about crypto-currency and blockchain technology.
A key choice is Gary Gensler as chairman of the Securities and Exchange Commission, or SEC, according to a statement from Biden’s transition team.
The Chainlink LINK token set a new record price early Monday. And other altcoins are experiencing solid gains amid the slight rise in Bitcoin.