ThinkMarkets chief analyst Naeem Aslam (Naeem Aslam) said that the fall in the value of bitcoin should not be seen as a loss of market interest to the first cryptocurrency. On the contrary, more and more users are joining a community of BTC miners — and thus, the reduction in demand cannot be considered. Further, his review, published on Forbes — in a special translation CoinMarket.News.
Bearish trend cryptocurrency market continues to grow and many investors are beginning to seriously worry: what if bitcoin was really just another fashion thing? Recently BTC fell below $8,000 and is trying to consolidate at $7800 (at the time of writing the BTC rate was $7465 — approx. CoinMarket.News) about like a month ago, in an attempt to reach up to $10 000. Total capitalization also has been steadily decreasing and has already fallen below $400 billion after a record high of $830 billion.
As a result, the market suffered a collapse of quotations of BTC and the vast majority alithinou. However, unlike the capitalization and quotations, one figure has steadily increased, and is the speed of hashing. And perhaps the miners know something we don’t know.
If you look at the graph Blockchain.info it is possible to see a steady increase of hash rate yet for months, surviving even after the massive sales. When comparing with the schedule of total market capitalization, it forms a marked divergence. So why is the hash rate is increasing, despite the falling prices?
It is well known that the more miners connect to the network, the higher the speed of hashing. Which means that, even when a steady negative trend in the value of BTC, the miners are still interested in generating.
Based on the data presented, it can be noted that the overall positive perception of bitcoin. In the end, miners would not waste their resources on the generation of a digital asset that has no value. Miners came to this market to make money, and possible that the current decline will allow them to buy more BTC at a lower cost before the next rate increase.
A lot of traders pay attention only to the purely technical stuff and sometimes lose sight of the unchanged database and explicit clues, like growing can see. If the speed of hashing declined along with the cost, then, of course, would be cause for concern. This would indicate that the miners are losing interest in bitcoin and probably will pass on other cryptocurrencies — or abandon mining altogether. It seems to me that miners are looking at BTC and other cryptocurrencies in the long term, ignoring short-term market trends. This alone should give investors confidence that interest in bitcoin, as well as to mining in particular, has not waned. Support within the network is huge, and will surely continue to grow.
Miners, perhaps, is the main resource of the bitcoin ecosystem, as this created new units and ensured the verification and security of transactions within the network. A strong community of miners who support the network and strengthen the position BTC as a growing asset. As you approach the end of the second quarter and the onset of the third, the fundamentals continue to grow, and I’m willing to bet that it will adjust the price. Without the support of bitcoin miners hardly would have waited for a bright future. However, the data suggest otherwise. The miners expect to increase quotes in the future — just as we are.