According to ETC Group, which launched the first bitcoin exchange-traded product (ETP) in the United Kingdom in June, the cryptocurrency produced an annualized $3 billion in income for miners in April.
According to ETC’s first study on the sector, transaction volumes on Ethereum surged more than 2,000% in the second quarter to $777.1 billion, up from $36.1 billion the previous year.
Volumes on decentralized exchanges increased from $3.4 billion to $283.8 billion. The bitcoin income number is derived from network transaction fees.
Bitcoin’s price has risen dramatically in the last month, demonstrating that this surge was not coincidental by remaining consistently above a critical support level. Ethereum and other cryptocurrencies have also seen an exponential rise in market price, and this trend appears to be continuing.
Bitcoin price surged through a supply zone ranging from $43,150 to $45,321, flipped into a support zone, and is now firmly holding above it. This movement shows that the upswing was not a fluke.
Market players might anticipate BTC to stabilize here or move higher to test the immediate resistance levels of $49,024 and $50,958.
Investors must realize that retesting the psychological threshold of $50,000 after a market crash and months of consolidation would be a significant confidence boost in the cryptocurrency market, perhaps triggering FOMO and extending the rally to higher levels such as $55,210 and $56,670.