Bitcoin [BTC] is gradually regaining value following a major drop in 2022 that brought the asset’s price to a low of $15,000. Earlier this month, the price of Bitcoin was $17,162. Now, it is at a high of around $21,300.
It appears that the market’s hope has been restored by this protracted surge. The biggest cryptocurrency in the world has been rising for the past 12 days in a row. Since 2013, this is the longest run for Bitcoin.
As seen in the tweet, Bitcoin went on to break its July 2020 record. The asset’s current streak is considered to be the second longest. The persistence of this notion may help Bitcoin shatter its 2013 record as well.
Bitcoin’s short-term holders make the most out of this streak
During the weekend, Bitcoin’s short-term holders [STH] encountered their most profitable spending day since April 2022. A lucrative STH-SOPR shows that there is enough demand to recoup any losses. This rally would be distinguished from other efforts during the 2022 breakthrough by a successful SOPR retest of 1.0.
STH supply exceeded 50% of their holdings in profit in each of the previous three breakouts. Over 70.5% of all recently bought $BTC are now in profit as a result of the price increase. This further shows that a significant amount of coins have been traded recently.
Mining Difficulty on the rise
The mining sector was deeply impacted by Bitcoin’s latest plummet. However, with its price recovery, the mining difficulty of the king coin rose by 10.26 percent. At block height 772,128, a change in the mining difficulty was introduced. The mining difficulty increased to a record-high 37.59 T. Currently, the network’s average hashrate is 269.02 EH/s.
f2pool took to Twitter and further noted the possibility of machines running on profits.