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Bitcoin recovered above the $ 18,500 levels at press time after plunging from $ 16,351.03 last week on Thursday.
What happened: Blockchain analytics firm Glassnode tweeted Sunday that the mining difficulty for the apex cryptocurrency has risen to 8.9%, which is less than 4.4% of Bitcoin’s all-time high.
#Bitcoin the difficulty of mining increased by 8.9% today.
It is now only 4.4% lower than its ATH.
Chart: https://t.co/qtmuDmTfGS pic.twitter.com/1eX63yBAgc
– glassnode (@glassnode) November 29, 2020
An increase in mining difficulty preceded the bullish cycles of 2013 and 2016, Cointelegraph reported.
Other major altcoins followed Bitcoin’s lead with Ethereum (ETH) up 8.06% to $ 582.80, XRP up 2.22% to $ 0.625, and Chainlink (LINK) up 7.02 % at $ 13.98 in a 24 hour period prior to printing.
Bitcoin Cash (BCH) and Litecoin were up 4.94% and 6.81% to $ 289.26 and $ 79.15, respectively.
Because matter: Cryptocurrencies have sparked increasing interest from institutional investors, which has fueled a rise in Bitcoin prices.
On Sunday, Guggenheim Strategic Opportunities Fund (NYSE: GOF) said it was considering exposure to the largest cryptocurrency by market cap.
Guggenheim Partners – with $ 295 billion under management – is considering investing up to 10% of the Macro Opportunities Fund’s net asset value in Bitcoin Trust in grayscale (OTC: GBTC).
The grayscale Bitcoin Trust closed 9.73% at $ 18.83 on Friday. The same day, Ethereum Trust in grayscale (OTC: ETHE) closed 11.9% lower at $ 85.06 e Bitcoin Cash Trust in grayscale (OTC: BCHG) closed down 16.08% at $ 28.50.
Price action: Bitcoin was trading 4% higher to $ 18,534.80 at press time.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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