- The Bitcoin price soars above $15,000
- US Presidential Elections pumping safe-haven prices
- Eth2 deposit contract and date set
Trending News: Bitcoin, US Presidential Elections, Ethereum, Eth2, Beacon Chain Mainnet Launch
The Bitcoin price is rallying at the background of push and pull in the United States political scene.
While the current conundrum is because of the coronavirus pandemic, that two days later, Americans still don’t know their next president presents a challenge, perfect fodder for uncertainty. Bitcoin and safe-haven assets are now on a tear as a result.
Presently, the Bitcoin price is trending above $15,000, officially printing new 2020 highs.
As a result, over 97 percent of Bitcoin addresses are in the money.
This means most coins were bought at a price lower than spot levels further hinting that most entrants entered before the last few months’ rally.
Drop in the Bitcoin Mining Difficulty
At the back of these developments was the second-largest readjustment in the Bitcoin network’s mining difficulty.
Early this week, due to falling hash rate as miners in China shifted from Sichuan, the Bitcoin network decreased difficulty by 16 percent.
The result was an incentive by miners to mine more coins. Coupled with the current rally, it is understandable that most miners are net holders, further helping stabilize prices.
As Bitcoin reaped higher, the announcement of the deposit contract date and address for Phase 0 of Eth2 saw the Ethereum price pump above $400.
Eth2 and Beacon Chain is ready
According to the Ethereum Foundation and Danny Ryan, validators should begin to deposit their 32 ETH—to the correct address.
A week before Dec 1, 2020, at exactly 12 PM UTC, there should be at least 512k ETH coins held in the deposit address for the official launch of the Beacon Chain mainnet.
In the next phase of Ethereum, the network will shift its consensus algorithm from a Proof-of-Work to staking where the center of its security is heavily reliant on ETH prices.
Even so, in Serenity, creators hope to solve scalability and energy-efficiency problems.
Bitcoin Price Analysis
At the time of writing, the Bitcoin price had broken above $15,000. It is now up 12 percent versus the greenback in the last trading week as trading volumes surge 35 percent.
From the daily chart, bullish candlestick bars are forming along the upper BB. Reflecting demand, the underlying Bitcoin momentum is strong. As such—and considering fundamentals, every pullback in lower time frames could present an opportunity for buyers to ramp up with targets at $20,000.
Notably, with today’s surge, BTC is trading above June 2019 highs of around $13,800. The breakout, from the chart, is with high trading volumes pointing to strong participation and the likelihood of buy trend continuation.
Technical chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.