Bitcoin mining difficulty approaches ATH as prices stabilize above $ 18K

The price of bitcoin has hit a two-year high of $ 19,000 and has fallen more than $ 17,000 more than once in a week’s time as the mining difficulty is increasing.

According to on-chain analytics provider Glasode, bitcoin (BTC) has increased 8.9% in mining difficulty today, putting the metric within 5% of all its high value in the past month.

The increase in mining difficulty marked the beginning of the bull cycle in 2013 and 2016, although it remains to be seen whether Coin’s recent rally is a long-term rally within 3% of its ATH value. The price of bitcoin has dropped 11% in the past week as it has transferred some of its holdings to several whale exchanges and is $ 18,122 at the time of publication.

Greater mining difficulty may mean increased fees for users and the time required to generate blocks in addition to increasing the number of uninstalled transactions in Bitcoin’s mempool. According to estimates, the optimal BTC transaction fee is currently 14,272 superficial or about $ 2.60.

The Ethereum (ETH) blockchain has also seen record highs recently. Glassnode Reported Mining difficulty for the network was at a two-year high after the token price fell more than $ 600 on Friday in three days.