It is not just Bitcoin. The entire cryptocurrency market seems to be in doldrums in the recent time. And the price drop for Bitcoin has not stopped.
After raking up a price up over $12k and staying inside the $11k mark for quite sometime, Bitcoin has further dropped to below $10,500 mark. It is currently at $10,316.18 after a drop of 0.42%.
However it can be said that the Bitcoin will further not drop below the $10 mark as it will show resistance.
Earlier, Bitcoin has dropped below the $11k mark after over nine percent drop while Ethereum has gone down by 11 percent to reach a price of $387.92.
This comes after the difficulty for Bitcoin mining continues to increase as it is getting closer to the 17T zone. It will mean that the job for Bitcoin miner gets way difficult than it was before. As a result, in the currency scenario, they are spending most of their Bitcoins.
Bitcoin mining difficult went up by 0.59% but it was not enough to push it over the 17 T level, raising the difficulty to 16.95 T. It has however not surpassed it all-time high as the highest was recorded at 17.35T, which the Cryptoverse saw two adjustments, or almost a month ago. It means that the current position is the second-largest BTC mining difficulty in its history.
This is primarily the result of the small drop seen in the adjustment which took place in July, to knock the difficulty level back to 16T.
The mining difficulty of Bitcoin is adjusted every two weeks, in a bid, to maintain the normal 10-minute block time. According to BitInfoCharts.com, it has been moving between 9 and 11 minutes since the previous adjustment, surpassing 10 minutes yesterday.
Miners have spend more of their BTC than generated. When 755 coins more were spent than generated, while the price of bitcoin increased by 4% in the past week and hit USD 12,000 on Monday before correcting lower again.