Following the success of the Arbitrum airdrop, ARB price has dropped -5%, leaving some panicked holders asking ‘Is Arbitrum Going to Zero?’, find out in this ARB price analysis.
Arbitrum is trading in a tight trading channel between the upper trendline and moving average support.
$ARB price is following the path nicely.
A bounce for a A-wave from the 23.6$ retracement level is likely. pic.twitter.com/4MzNnkfxiF
— Man of Bitcoin (@Manofbitcoin) January 17, 2024
Traders remain bullish despite the localized retracement move, with anticipation of a bounce here rising amongst the crypto community.
ARB Price Analysis: As Arbitrum Airdrop Tests Moving Average Support is a Bounce Due?
With price action defending support levels, Arbitrum is currently trading at a market price of $1.95 (representing a 24-hour change of -3.9%).
This comes in a localized cascade of retracement, after ARB price rejected from upper trendline resistance at $2.42 on January 11.
Now in the first retest of 20DMA support since January 8, moving average support forms a critical level for a bounce around $1.94.
A breakdown here would represent the first drop below ascendant 20DMA support since a re-test of the lower trendline on December 20.
However, lower support levels are available immediately to the downside at $1.80 and $1.60 – providing comfort to panicked holders.
Meanwhile, in a positive sign the key RSI indicator has cooled-off significantly in the retracement move, to a more level-headed 55.69 – creating the capacity for an upside move.
Whereas the MACD reflects tumbling price, with a bearish -0.0227 reading on momentum.
Overall, ARB Price Analysis reveals the make-or-break posturing of Arbitrum airdrops price level, with all eyes on the ongoing defence of the 20DMA support.
This leaves ARB price with an upside target at higher support around $2.11 (a possible +8%).
While downside risk could see a tumble to $1.80 (a potential -7.8%).
ARB price analysis therefore reveals a short-time frame risk: reward ratio of 1.03, a mediocre entry reflecting the precarious moment in the chart – but certainly not going to zero.
But while ARB price analysis offers an unappealing proposition, an emerging Bitcoin mining presale could afford major growth opportunities to astute investors.
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How can we make #Bitcoin mining more accessible to a wider audience? pic.twitter.com/Z57TX57Oyq
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$9M In The Crosshairs: Bitcoin Minetrix Surges Past $8.75M – Poised to Outperform ARB Price Analysis
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 525 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.
Why Has Bitcoin Mining Become So Centralized?
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 70,440,798,833,881 – it has never been harder for individual participants 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 Arbitrum Airdrop 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 $8.6m raised towards its $9.5M goal. At a competitive price of just $0.0127 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
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.
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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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