Bitcoin’s price has retraced slightly over the weekend, but has also managed to secure some gains as the cryptocurrency is currently trading at $18,544 at press time. Bitcoin’s price has risen by over 4 percent in the past 24 hours.
Bitcoin’s network mining difficulty has risen by 8.9 percent today. According to on-chain crypto analytics firm Glassnode, Bitcoin’s mining difficulty is now only 4.4 percent below its all-time high.
Historically, when Bitcoin’s mining difficulty rose in 2013 and 2016, it also marked the start of the bull cycle in those years. The increase in mining difficulty could also mean more fees needed from the users.
As Bitcoin managed to climb over 4 percent in the past 24 hours, some analysts suggest that it was due to institutional investors dismissing the world’s largest cryptocurrency’s volatility. Holger Zschäpitz explained:
“Bitcoin bounces back as institutional investors seem to dismiss volatility. Guggenheim fund reserves right…