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Day: May 20, 2023

Bitcoin Mining Gets Tougher as Network Difficulty Reaches New Peak

Bitcoin Mining Gets Tougher as Network Difficulty Reaches New Peak

The difficulty of Bitcoin achieved an all-time high on May 18, 2023, at block height 790,272. The network’s difficulty is now 49.55 trillion hashes away from 50 trillion hashes, making it the most difficult to uncover a block reward ever. Bitcoin miners are currently committing 363.84 exahash per second (EH/s) to the Bitcoin blockchain, and block intervals are slightly longer than the usual ten-minute average. Foundry USA is the most popular bitcoin mining pool, with a hashrate of roughly 109.04 EH/s. Despite the increased difficulty, Bitcoin miners have kept the hashrate high by putting more computational power into the network. News Sorce

Is Solana (SOL) Price Edging Closer to a Bullish Breakout?

Is Solana (SOL) Price Edging Closer to a Bullish Breakout?

The price of Solana (SOL) has fallen since it failed to break through a long-term resistance level. The price action is positive in the short term, but the RSI is negative. The resistance line is currently intersecting with the $26 resistance level, highlighting its significance. The weekly Relative Strength Index (RSI) is sending conflicting signals, indicating that bulls still have the upper hand, while levels below 50 indicate the opposite. Since April 16, the SOL price has been trading inside a falling wedge, which is a bullish pattern. On May 11, the price bounced, verifying the wedge’s support line, the 0.618 Fib retracement support level, and the $20 horizontal support area.The RSI cannot predict whether or not the price will break out, but a breakout might take the price to $23.50, while a breakdown could result in a drop to $16.50. News Sorce

Top Analyst Predicts Bitcoin (BTC) Activity Through June, Warns More Consolidation Likely

Top Analyst Predicts Bitcoin (BTC) Activity Through June, Warns More Consolidation Likely

Justin Bennett, a well-known cryptocurrency trader, expects Bitcoin (BTC) will fall further in June before recovering. He is currently negative on Bitcoin and believes that a daily closing below $26,560 is required to open up downside objectives such as $25,000. He also believes that a daily close over $27,500 would invalidate his bearish bias, exposing levels such as $28,500. At the time of writing, BTC is worth $26,919 USD. News Sorce

Cardano Gears Up to Catch Ethereum as it deploys 1K Smart Contracts in 2023

Cardano Gears Up to Catch Ethereum as it deploys 1K Smart Contracts in 2023

Cardano has grown significantly this year and is poised to outperform its opponents. The Proof-of-Stake (POS) chain has released a slew of new solutions, protocols, and smart contracts, cementing its position as a competitive challenger and contributor in the DeFi field. As of May 18, Cardano hosts 5,776 Plutus V1 scripts, the majority of which are focused on DeFi applications. Cardano Plutus is a major player in the DeFi field and the seventh-largest network by market capitalization. Cardano has surpassed Polkadot (DOT) and Cosmos (ATOM) as the most active protocols in terms of development activity.Ethereum is the undisputed leader, with 125,000 smart contracts executed in a single week and $26 billion total value locked (TVL) in DeFi protocols. On May 14, Cardano’s native cryptocurrency ADA set a fresh high of $504 million. News Sorce