Bitcoin price stabilizes above $18,000 again as mining difficulty approaches ATH

The price of Bitcoin has once again stabilized above $18,000 after reaching a two year high of more than $19,000 with mining difficulty approaching an all time high (ATH).

Mining difficulty on the Bitcoin network has risen by 8.9% as at today while the present hash rate is more than 130 EH/s.

See Also: Insights on Ethereum 2.0

The price of Bitcoin fell by more than 10% last week as a number of Bitcoin whales moved most of their holdings to cryptocurrency exchanges.

Glassnode, an on-chain analytics provider has stated that Bitcoin mining difficulty has increased by 8.9% today and it is now 4.4% below its ATH. The bull cycles of 2013 and 2016 was first spearheaded by a rise in mining difficulty.

A rise in mining difficulty can also directly translate to an increase in fees for users and the time required to generate a block.

Glassnode has also reported that mining difficulty for the Ethereum blockchain has also increased reaching a two-year high as at Friday last week when ETH fell more than 9%.