BTC has rallied impressively since yesterday, wiping out its bi-weekly losses almost overnight.
- Analysts believe that if Bitcoin can cleanly break through its current levels of around A $ 64,000, it can expect a surge to the A $ 70,000 mark.
- According to reports, long-term crypto holders (LTHs) now own a whopping 80% of Bitcoin’s total supply pool.
- The power consumption figures of the Bitcoin network for 2021 have already exceeded those for the whole of 2020.
After Bitcoin, the world’s largest cryptocurrency by total market capitalization, unexpectedly slipped to the A $ 61,500 area last week, some kind of impressive comeback appears to have taken place, with the asset currently up 4% in the past 24 hours. At press time, BTC is trading for A $ 64,500.
Regarding what’s next for the flagship cryptocurrency, prominent market expert Michaël van de Poppe said that BTC can continue its upward trend as long as it manages to break its current price level of around AUD 64,000 cleanly through the all-important psychological barrier of $ 50,000. “As the final hurdle before a possible all-time high test, a continuation to $ 50,000 is possible,” he suggested.
Similarly, trader and analyst Rekt Capital noted that Bitcoin’s moving averages are looking extremely promising at the moment, suggesting the possibility of a return to the $ 50,000 area soon.
Finally, crypto analytics firm Glassnode found in its latest weekly report that long-term Bitcoin holders now own a whopping 80% of the cryptocurrency’s existing supply pool (which amounts to nearly 13 million BTC). The company further noted that the trend has been picking up in recent years but peaked in 2021.
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Bitcoin’s energy consumption continues
According to a current report, Bitcoin’s electricity consumption figures for the current calendar year are already higher than those of 2020. Specifically, the study says that the Bitcoin network would have consumed a little more than 91 TW / h by December 2021 (terawatt hours or one trillion watts per hour). The report goes on to say that the ecosystem has already consumed more than TW / h of energy this year, a number higher than what was observed throughout 2020.
Even if the electricity consumption figures mentioned above can vary slightly from index to index, one thing is certain: the figures are moving upwards. For example, according to the Cambridge Bitcoin Electricity Consumption Index, BTC will most likely use more than 95.68 TW / h by the end of the year, which is almost the same as the Philippines’ annual electricity consumption.
Finally, in another study, it appears that in the coming years, as more miners upgrade their existing hardware rigs, the total amount of e-waste generated by Bitcoin will continue to grow. “Bitcoin could produce up to 64.4 kilotons [64,400 tons] of e-waste at the highest price level of Bitcoin in early 2021, ”the study found.
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, delve deeper by learning more about Ethereum, and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a number of cryptocurrencies at the time of writing
Disclaimer: This information should not be interpreted as endorsing the cryptocurrency or any particular provider, service or offer. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve considerable risks – they are very volatile and sensitive to secondary activities. Performance is unpredictable and past performance is no guarantee of future performance. Take into account your own circumstances and seek your own advice before relying on this information. You should also review the nature of a product or service (including its legal status and relevant regulatory requirements) and check the websites of the relevant regulators before making a decision. The finder or the author may have holdings of the discussed cryptocurrencies.