This site uses cookies. Browsing the site, you agree to the use of cookies. If you need more information, please visit the Cookies Policy page
Subscribe
Прямой эфир
Cryptocurrencies: 3812 / Markets: 22519
Market Cap: $ 250 171 966 574 / 24h Vol: $ 101 378 308 030 / BTC Dominance: 65.4875%

Н News

Bitcoin Network Is at Peak Health Post-Halving, Report Shows

528_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy8yODlhNWJkNGY4ODMwMTI0MjM0M2M1YzcxZTE2MmNmOS5qcGc=.jpg

A report indicates that despite concerns over mining after the halving, the health of the Bitcoin network remains excellent.

A recent report from Glassnode indicates that Bitcoin (BTC) network health is close to its maximum despite the recent halving of miner rewards.

On-chain BTC Index

The company has recently introduced its on-chain BTC Index (GNI) that captures a number of key on-chain metrics and combines them into easily digestible charts and numbers. 

Source: Glassnode

The GNI has decreased from 76 points to 74 points since last week.  However, one of the key metrics, ‘Network Health,’ which combines network growth and network activity, has jumped 6 points, from 88 to 94. The two-point dip in GNI is mostly due to the significant decrease in “Sentiment” as captured by investor sentiment and saving behavior, which dropped 23 points in the week culminating in the halving.

Bitcoin is unstable

According to the report, we’re currently witnessing neither a bull, nor a bear market, as two of the key indicators diverge — the price momentum was negative while on-chain indicators remained strong. However, the asset seems closer to a bull than bear breakout.

Source: Glassnode

Bitcoin’s hashrate is one of the most important indicators of the network’s health. Some were predicting a so-called “death spiral” after the halving. However, the report points out that the hashrate has quickly recovered after the initial post-halving drop.

The following week, the first full week after the halving, will be a good indicator of how the mining ecosystem has coped with the decrease in the block reward.

Source

comments powered by Disqus