Hassan Maishera
TL;DR
-
Bitcoin is up by more than 3% in the last 24 hours and briefly touched the $46k level a few hours ago.
-
The largest Bitcoin mining companies in the United States are holding more of their bitcoins in the last few weeks.
Declining Miner Selling Pressure Pushes BTC’s Price Higher
Bitcoin has continued its excellent performance this week, adding more than 3% to its value over the last 24 hours. The rally saw Bitcoin reach the $46,100 mark for the first time in weeks, as selling pressure in the market declined.
If Bitcoin maintains its current momentum, it could end the week positively after a bearish performance in recent weeks.
The recent rally has been attributed to the declining selling pressure from Bitcoin miners. According to CryptoQuant, on-chain data reveals that the largest U.S. publicly traded bitcoin mining companies are not selling their BTC holdings. Instead, they continue to increase their bitcoin holdings.
CryptoQuant added that Marathon Digital's bitcoin holdings have increased steadily over the past few months. In their weekly report, CryptoQuant pointed out that,
"Daily selling by miners went from 800+ bitcoin daily in November-December 2023 to below 300 bitcoin daily so far 2024."
At press time, Bitcoin’s price stands at $46,064 per coin. Thanks to Bitcoin’s rally, altcoins have also been performing well in the last few hours. Cardano’s ADA is the best performer amongst the top 10 cryptocurrencies by market cap, adding 4% to its value. SOL and BNB have also added more than 2% to their values over the last 24 hours. With the market in the green, the total cryptocurrency market cap now stands at $1.74 trillion, up by 2% so far today.
