By: Eliza Bennet
Based on recent data trends, Bitcoin (BTC) seems to be experiencing a surge in bullish sentiment, with KuCoin having a significantly high funding rate at 22% APY. Such a high rate suggests long position holders are willing to pay a premium expecting that Bitcoin's price will rise. However, it's worth noting that high funding rates could lead to market pullbacks or price corrections.
Furthermore, Bitcoin's market cap has been growing steadily, outpacing that of stablecoins. The Stablecoin Supply Ratio (SSR), which provides insights into Bitcoin's market behavior shows that Bitcoin's market cap relative to stablecoins has been increasing hinting at shifts in market liquidity and investor preference. New data shows Bitcoin's mining is making a silent comeback in China and the Bitcoin transaction fees have surpassed that of Ethereum, signaling higher network demand.
It is also emerging that the coming Bitcoin halving could cause significant shifts in the mining industry. The halving, expected to impact on mining revenues, could see an increase in miner fees, which are currently contributing nearly 10% of all mining revenue. Such a rise could strengthen mining economics post-halving by up to 20% if current trends continue.
© BlockBriefly. All Rights Reserved.