The price of the number one coin has been plain random these past few days. The trading price has been fractal, this means that the coin is not really trading going by its real worth. The surge from $4,000 to over $8,000 within the past month took traders by surprise.
It’s no surprise this can be attributed to the recent increase of Bitcoin mining difficulty. The mining difficulty of the flagship coin has reached an all-time high after increasing by 11%. This means it will now be more difficult for miners to earn or make money with Bitcoin.
Even though the miners are re-investing their profits into more equipment to be able to mine more coins. It’s also clear that the coin’s hashrate has been growing steadily, and is now at over 53 EH/s, according to BTC.com
The current mining difficulty has reached an all-time high of 7.46 trillion, and is expected to go as high as 8.25 trillion, around the time the flagship coin is expected to reach $20,000 again. That is, if we believe what the fractal suggests, the price surge of $20,000 in July might occur.