New Day, New Record for Bitcoin

By KMatt | Blogging Crypto | 5 Dec 2023

Bitcoin's run is pushing towards new annual ATHs, with the 42k threshold being exceeded, the highest reached since April 2022. But it is not just the price that has reached the all-time high.

For starters, the growth in hashrate is significant, with December 1st marking the new annual record after a series of notable increases (to name one, November 3rd).

Furthermore, the increase in the hashrate appears to be not exactly common historically in correspondence with the price of the asset and would therefore also demonstrate a renewed resilience and adaptability of the Bitcoin network, even in a long-term perspective.

At the same time, Bitcoin's overnight performance has partially reshuffled the cards of the crypto market in general, with a significant shakeup on the derivatives market and approximately $190 million in short positions liquidated.

Another fundamental aspect to consider is the increase in the dominance of Bitcoin, which reaches 50.5%, underlining its role as a reference in the crypto sector.

Altcoins followed BTC with very positive performances, including Celestia (TIA), THORchain (RUNE), Frax Share (FXS) among the best, but also Ethereum, Solana, Cardano, Bitcoin Cash and others.
Same story for memecoins, which follow the general euphoria with noteworthy pumps.
Inflows into the crypto market mark another very positive week (the tenth in a row), with an infusion of approximately $176 million of which only $133 million for BTC.


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