BTC has overcome $50’000, crypto mining profit is intensely growing, and Bank of America analyses crypto assets potential
Bitcoin jumped over $50’000 for the first time in a month
For the past week, the first crypto price has increased by 18% (5% of it — past 24 hours). Starting October 5, it raised a bit $50’000. Total market BTC capitalization reached above $940 billion, outrunning Facebook.
Alongside BTC growth, according to analytics from Glassnode, the number of active BTC addresses has also increased to a three-month high.
Traditionally, with BTC, the entire crypto market is on its way up. The 10 most capitalized crypto assets perked up noticeably, and meme-coin Dogecoin has even overtaken BTC in the context of tempo increasing (+10%).
Crypto mining profitability continues to grow
Attention from crypto users to mining gains excellent tempo, and Bitcoin mining rapidly gets its positions back after suffering from Chinese authorities.
Another recalculation step of the difficulty took place today, October 5, at block #703584. It increased by 4.71%, and this is the sixth increase since July 2021. In total, after the price fell, the difficulty has increased by 39%.
The analytics says, despite the halving process (a process of decreasing reward for searching blocks), which took place back to May 2020, the profitability of BTC mining has increased up to 275% by this moment. Every day in the world about $40 million earned on it, which is 5.7 times more than a year and a half ago.
Bank of America marked about crypto assets potential
The analytics from leading American bank stated research report that comes to the conclusion of great future waiting for blockchain system and decentralized assets. According to experts, the digital assets sector is so great that it has no chance to stay out from attention.
The most attention in the research is paid not to Bitcoin at all but other areas such as Ethereum, NFT, DeFi. Bank of America believes that the whole smart contracts platforms have already reached an excellent potential for the place of services. Starting first half of 2021, the investments in crypto assets reached above $17 billion, comparing to $5’5 billion in 2020.
The experts also pointed out possible obstacles to industry development. First, this is the strengthening of regulation and various technological, environmental, and legal risks.