Even though most Chinese miners are selling off their cryptocurrencies, the cryptomarket experienced a major increase in price today. The recent price dips caused new generation miners to start hedging their coins to avoid market risks.
Miners are going as far as selling their mining equipment in bulk, especially those in China. They also reduced the price per unit, as the market slump had resulted in a large drop in mining profitability.
Nonetheless, Bitcoin gained 4.66% in price today, going from $3,427 to $3,600 as at the time of writing this report. Ethereum, which is second in terms of market capitalization increased in price by 4.93%, going from $89 to $95.
Dash went from $67 to $73, gaining 7.4%, while Litecoin went from $24 to $26 gaining 6.53% in price in the past 24 hours. Bitcoincash gained 3.52% in price, going from $109 to $114.
Although, with the massive sellout from the Chinese and a lot of miners shutting down. It’s evident more dips will surely occur in the next few days.