While the cryptocurrency market is showing red signals again, the Bitcoin network has reached a major milestone. The market update.
The sharp drop in prices since the beginning of December still runs like a red thread through the cryptocurrency list. A look at Coingecko sample: Today, December 14, almost all cryptocurrencies are in the red. Regardless, the Bitcoin network is reaching a major milestone.
The largest cryptocurrency Bitcoin (BTC) is trading this morning at around $ 46,715, down 5.2 percent on the day. Ethereum (ETH), DeFi’s best dog, has to cope with a 7.6 percent price drop overnight and is currently hovering around US $ 3,729.
Solana (SOL) and Polkadot (DOT) are close to the 10 percent mark at 9.3 percent and 10.5 percent, respectively, when they fell in the past 24 hours. Cardano (ADA) is currently trading at US $ 1.20 and has to cope with a price drop of 8.4 percent year-on-year.
It doesn’t look much better with the Memecoin faction, either. Dogecoin (DOGE) and Shiba Inu (SHIB) posted price drops of 5.8 percent and 6.1 percent respectively compared to the previous day.
However, in the top 15 cryptocurrencies by market capitalization, Avalanche (AVAX) was the worst. With a price drop of more than 11 percent in the last 24 hours, the coin is currently trading at $ 76.94.
The source of Bitcoin is running dry
As a deflationary asset, the amount of Bitcoin is limited to 21 million. If the Bitcoin network recently hit a new all-time high in terms of hashrate, a look at the coins yet to be mined provides more information.
Here is the encryption platform Blockchain.com according to only 10 percent of the available BTC still intact. So currently around 18.9 million units of digital gold have already been mined.
Two different levers on the network are decisive for Bitcoin mining. On the one hand, the Bitcoin halving, which occurs every 210,000 blocks, halves the reward for mined coins. This not only reduces the reward for computing power, but also the BTC that is put into circulation.
On the other hand, the difficulty of mining on the Bitcoin network can adjust the difficulty of computational problems for which a target value must be found during mining. Recently, the difficulty level has increased by more than 8 percent.
Regardless, that does not mean that the nearly 19 million BTC that has already been mined is available. There are many hodlers who have lost their private keys and, with them, the key to their assets.