By Is Pyth Network Going to Zero? PYTH Price Falls 6.9% and New Bitcoin Mining Protocol Reaches $4.8 Million
Last updated: December 4, 2023 23:42 EST
. 5 min read
Latest airdrop gainer Pyth Network is battling downside movements as PYTH price tumbles -6.9%, leaving some anxious bag-holders asking ‘Is Pyth Network Going to Zero?’.
However, market sentiment remains bullish, with traders identifying the ongoing bounce out of the moving average support zone as a potential breakout move as signs of a successful consolidation.
$pyth bounced from my zone
soon new leg up to 0.5$ and above https://t.co/W8SWHTNGA2 pic.twitter.com/7xwdy9iC1W— CRYPTO KNIGHT $INJ TO 100$ (@cryptoknight890) December 5, 2023
This could poise PYTH price to mount another sensational run up to an all-time high around $0.55 as price hammers up to higher support target around $0.50.
PYTH Price Analysis: Is Pyth Going to Zero After Price Falls -6.9% Or Is Come Back Rally On The Way?
As price recovers from the retracement move, Pyth Network is currently trading at a market price of $0.49 (representing a 24-hour change of +17.38%).
The healthy recovery move comes after a nail-biting retest of lower support, as price dropped -6.9% overnight, however, moving average support around $0.41 remained well-defended, providing a foothold to the current breakout move.
Indeed, the ongoing pump is significant, breaking high above resistance at $0.475, which has provided a capstone for upside price exploration since November 26.
However, concerns emerge from the RSI indicator, which has risen significantly throughout the sudden upside recovery move.
Now reading a bearish and overbought 67.55, it seems likely that price action will be forced to stall and consolidate newfound gains soon, ahead of a push to the ATH.
Meanwhile, the MACD indicator (which measures momentum in the chart) is reading at 0.0057 – suggesting that price action will continue to push up.
Overall, PYTH price looks incredibly healthy in the midst of this recovery move, with a significantly higher high established over localized trading – things are looking up.
To the upisde, PYTH price is targeting a move to $0.50 (a possible +3.35%).
While downside risk could see PYTH price move back down to $0.45 (a potential -6.99%).
This leaves Pyth Network with an ongoing risk: reward ratio of 0.48 – a bad entry at a late stage in the rally, and certainly not going to zero anytime soon.
But while PYTH price offers a poor entry point, an emerging crypto presale has rocketing to $4.8M raised as retail investors flock to Bitcoin mining entry point.
PYTH Price Retracement Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $4.87M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$ $4,873,236 raised.
Offering an enticing 141% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
#BitcoinMinetrix reaches another significant achievement! 🚀
Raising over $4,800,000. pic.twitter.com/b0UC32XoL8
— Bitcoinminetrix (@bitcoinminetrix) December 5, 2023
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$5M In The Crosshairs: Bitcoin Minetrix Surges t0 $4.87M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over PYTH Price Retracement:
- Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
- Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
- Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
- Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
- The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $4.7m raised towards its $5.2M goal. At a competitive price of just $0.012 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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