{"id":8104,"date":"2023-01-16T12:36:58","date_gmt":"2023-01-16T12:36:58","guid":{"rendered":"https:\/\/xcoins.com\/?p=8104"},"modified":"2025-05-17T15:00:34","modified_gmt":"2025-05-17T15:00:34","slug":"bitcoin-soars-above-21k-as-investors-ask-if-bottom-is-in","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/bitcoin-soars-above-21k-as-investors-ask-if-bottom-is-in\/","title":{"rendered":"Bitcoin Soars Above $21K As Investors Ask If Bottom Is In"},"content":{"rendered":"\n<p>It has been a bright start to the year for bitcoin. After remaining uncharacteristically stable for the first week of 2023, the price of bitcoin has now exploded higher.<\/p>\n\n\n\n<p>After steadily increasing during the first half of last week, the world\u2019s largest cryptocurrency then accelerated as the latest CPI figures revealed that inflation has continued to cool.&nbsp;<\/p>\n\n\n\n<p>Trading on both the spot market and derivative markets increased significantly causing many to begin questioning if the bottom of the market is now in.&nbsp;<\/p>\n\n\n\n<p>Elsewhere, Ethereum developers confirmed that staked ETH withdrawals are still on track for March and Litecoin\u2019s block halving is now less than 200 days away.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em>Bitcoin rallies above $21,000 for the first time in 2 months<\/em><\/li><li><em>Bitcoin mining difficulty implements the largest increase since October&nbsp;<\/em><\/li><li><em>Ethereum staking release on track for March<\/em><\/li><li><em>Litecoin\u2019s block reward halving now less than 200 days away<\/em><\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bitcoin-rallies-above-21-000-for-the-first-time-in-2-months\"><strong>Bitcoin rallies above $21,000 for the first time in 2 months<\/strong><\/h2>\n\n\n\n<p>It was almost a perfect week for bitcoin as the world\u2019s leading cryptocurrency tore skywards for the first time in over 8 weeks.&nbsp;<\/p>\n\n\n\n<p>The move was strong enough to cause crypto traders and investors to question if the worst of the bear market is now over.<\/p>\n\n\n\n<p>Bitcoin pushed steadily higher every day last week and climbed out of the tight range it had been trading within. The coin had been trapped between $16,000 and $17,500 since the collapse of FTX in November.&nbsp;<\/p>\n\n\n\n<p>But, last week\u2019s push higher has now placed bitcoin back at levels not seen for over 2 months. The coin closed out the week above $21,000 and locked in a weekly increase of 22%.&nbsp;<\/p>\n\n\n\n<p>Excitement regarding a potentially brighter 2023 was shared across the entire altcoin market with Ethereum and XRP also enjoying increases of 20% and 12% respectively.&nbsp;<\/p>\n\n\n\n<p>Promising CPI results helped bitcoin on its way last week and allowed the coin to overcome a strong technical level of resistance at $19,000.&nbsp;<\/p>\n\n\n\n<p>CPI data revealed that inflation had continued to cool throughout December, which is a metric that the Federal Reserve wants to see before it can ease monetary tightening. Frequent interest rate hikes from the Fed have lessened the appetite for risk-on assets such as crypto. However, that trend may be starting to change.&nbsp;<\/p>\n\n\n\n<p>Increased risk appetite was witnessed within the derivatives market, which experts believe was helping to underpin the higher spot prices.&nbsp;<\/p>\n\n\n\n<p>According to Crypto Quant\u2019s CEO, <a href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1614075510518079488\">Ki Young<\/a>, on Saturday morning over $4 billion worth of bitcoin futures were purchased &#8211; a scale of orders not witnessed for several months. $87 million worth of short positions were also liquidated.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/e9_X9xUKIgx3GhPZc1VngRgbtvWch4Xs_IywG7w57xfshctSZL9YZG6MeWd3zlB-6Iq3UftyY6WsLHeVYwKfZCsUFma0UzeZOfPdy6F98s5LILslm4v9-e-p5W8xoN7Twa5URxNjBWyBqheJee4rmZsACmw1bHYy9XR9zIkfuttCZMSXgxm6F8qsqZ0W2g\" alt=\"Price chart of bitcoin from 16 Dec 2022 to 16 Jan 2023\n\"\/><\/figure>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Price chart of bitcoin from 16 Dec 2022 to 16 Jan 2023<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bitcoin-mining-difficulty-implements-the-largest-increase-since-october\"><strong>Bitcoin mining difficulty implements the largest increase since October&nbsp;<\/strong><\/h2>\n\n\n\n<p>According to data collected by <a href=\"https:\/\/btc.com\/stats\/diff\">BTC.com<\/a>, Bitcoin\u2019s mining difficulty jumped 10.26% on Sunday to a new all-time high level. The jump marks the largest increase in mining difficulty since October 2022.<\/p>\n\n\n\n<p>The mining difficulty of bitcoin &#8211; which determines how hard bitcoin miners must work to solve Bitcoin\u2019s mining algorithm and add new blocks to the blockchain &#8211; had fallen throughout December.&nbsp;<\/p>\n\n\n\n<p>However, experts were expecting a significant increase throughout January due to Bitcoin\u2019s hashrate reaching new all-time high levels only a week ago.<\/p>\n\n\n\n<p>As more computational power is added to the Bitcoin network the higher the Bitcoin hashrate becomes and the quicker blocks can be added to the blockchain.&nbsp;<\/p>\n\n\n\n<p>However, to ensure that blocks are added at consistent 10-minute intervals, Bitcoin\u2019s mining difficulty readjusts every 2 weeks.<\/p>\n\n\n\n<p>The new all-time high for Bitcoin\u2019s hashrate marked the first record for the blockchain in 2023. The new all-time high mining difficulty now marks the second.&nbsp;<\/p>\n\n\n\n<p>Bitcoin miners have been under increasing pressure over the last 2 months as the costs for Bitcoin mining have increased while the price of bitcoin has fallen.&nbsp;<\/p>\n\n\n\n<p>The recent boost in bitcoin prices will now help to relieve some of their concerns.<\/p>\n\n\n\n<p>According to data collected by <a href=\"https:\/\/en.macromicro.me\/charts\/29435\/bitcoin-production-total-cost\">macromicro.me<\/a>, the average cost per Bitcoin mining unit currently stands at $17,377. Meanwhile, the cost per bitcoin stands at $21,175.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/MGjwYmAdjcHb7727ZTzoEtoHek597k4p6fov53kIbpfPCK1-ottGWekhi3fc-FAURz_Avl8p3crOFFN8IHIq75x-Id1CA6tcG690dMKQtf-_wH844FeJHbMZCLURYeC4062L9QmCCndQJ5waRwKVqz55zrpWnc8syg0Opwx8HS7pWUdGRN2r7pJZOHLe_Q\" alt=\"Bitcoin average mining costs.\n\"\/><\/figure>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Bitcoin average mining costs.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ethereum-staking-release-on-track-for-march\"><strong>Ethereum staking release on track for March<\/strong><\/h2>\n\n\n\n<p>During an interview with <a href=\"https:\/\/decrypt.co\/119201\/ethereum-shanghai-upgrade-on-track-march\">Decrypt<\/a>, Ethereum core developers confirmed this week that everything is on track for the Shanghai upgrade in March &#8211; an upgrade that will enable staked ETH withdrawals.<\/p>\n\n\n\n<p>After the Ethereum blockchain transitioned to Proof-of-Stake, those staking ETH have been earning newly minted ETH from every new block that is added.&nbsp;<\/p>\n\n\n\n<p>However, ETH stakers can still not withdraw coins from the staking contract. A contract that currently contains $22.7 billion.&nbsp;<\/p>\n\n\n\n<p>The wallet was permanently locked to allow for <a href=\"https:\/\/xcoins.com\/en\/blog\/proof-of-work-vs-proof-of-stake-the-pros-and-cons\/\">a smooth transition period from PoW to PoS<\/a>. But, new withdrawal capabilities will come with the Shanghai upgrade.&nbsp;<\/p>\n\n\n\n<p>In preparation, a \u2018devnet 2\u2019 developer network was launched last week so that developers could become familiar with the ETH withdrawal process and ensure that everything works correctly.&nbsp;<\/p>\n\n\n\n<p>Other updates, such as proto-danksharing and an upgrade to the Ethereum Virtual Machine have all been put on hold until staked ETH withdrawals have been completed.<\/p>\n\n\n\n<p>Some experts predict that the introduction of flexible ETH staking will add confidence to the process and, therefore, encourage even more ETH holders to stake their coins.&nbsp;<br><img fetchpriority=\"high\" decoding=\"async\" alt=\"Xcoins\" src=\"https:\/\/lh5.googleusercontent.com\/Hh_hrKpDpNA_yb-F-Gwj0_dovIgtKmYT0Wp0tLqwwtMq_W3cs5NHGFl4dtWQKLA7gYrXDgOzf7MIpJTyt4_UqJ_MADVmIVu1ccMwbYLDXfM44rd78r5_WkZQpmYSfllvGWP77mPrGfZ5_-ZbmoDry6Xi2rUNt0Q62DpgWWNj-TzZ5YeozNQ3L37btv1-tw\" width=\"341\" height=\"301\"><img decoding=\"async\" alt=\"Xcoins\" src=\"https:\/\/lh3.googleusercontent.com\/vnwbHpD14NsN6T15C6VTJ7MU6Q3VIWILrHVHMu1gsqdCm9n29HE50ADcSESxkURp-ytCCMOYCwaBK9URVb1KvWcMiAKI8HDVB3nWV7eCc5YGMUwfLv1ICDXL4WzXGCHefwE4fsKAm-IEc3ncLTbHJeYlLQ7XZxZjpAOL1rmeYHgs4ZsCnGHAcCNSZuOJZw\" width=\"86\" height=\"246\"><\/p>\n\n\n\n<p><a href=\"https:\/\/dune.com\/queries\/1039429\/1792686\"><em>ETH staking pie chart<\/em><\/a><em> detailing the platforms used for staking<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-litecoin-s-block-reward-halving-now-less-than-200-days-away\"><strong>Litecoin\u2019s block reward halving now less than 200 days away<\/strong><\/h2>\n\n\n\n<p>Litecoin, the 14th largest cryptocurrency by market capitalisation, is now just <a href=\"https:\/\/www.nicehash.com\/countdown\/ltc-halving-2023-08-06-11-00\">193<\/a> days away from its next halving event.&nbsp;<\/p>\n\n\n\n<p>Like Bitcoin, approximately every 4 years, Litecoin\u2019s mining algorithm implements a halving event that halves the rewards for each new block. This is set to take place at a block height of 2,520,000.&nbsp;<\/p>\n\n\n\n<p>Based on the current block rate, experts believe that the next halving event will take place on or very close to 29th July 2023. <a href=\"https:\/\/xcoins.com\/en\/blog\/why-is-litecoin-taking-off\/\">A date that is now less than 200 days away<\/a>.&nbsp;<\/p>\n\n\n\n<p>At that time, Litecoin\u2019s block rewards will halve from 12.5 LTC to 6.25 BTC, which will result in a reduction in supply.<\/p>\n\n\n\n<p>As halving events reduce the supply that enters circulation, these events are watched closely by cryptocurrency investors.&nbsp;<\/p>\n\n\n\n<p>Litecoin will be one of the only major <a href=\"https:\/\/xcoins.com\/en\/blog\/how-does-bitcoin-mining-work\/\">Proof-of-Work<\/a> blockchains to experience a halving in 2023. Bitcoin Cash is still 357 days away and Bitcoin is still 404 days away.<\/p>\n\n\n\n<p>With anticipation surrounding the Litcoin event building, the price of LTC has increased 22% from the start of the year and is up 65% from October 2022 lows.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/frzqhXo05d27-FUNvarRUdCSxft6djTZP-mu-kA0Nheh-jYbe1QBL-9P0e8aLBFSGHCuRjy3P7xdAYvdbWg54OHyWHYLjrG4qUriSbtn0E9r2eeeqCxZU2_8vvNoBKxRs0YSbWsfkyoyL5Mz3s6IdTVwSBdJVF9rY6XjJXu0gi6ZaGqsjJVOzsk16KIdsg\" alt=\" Litecoin\u2019s block reward halving now less than 200 days away\n\"\/><\/figure>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Litecoin halving countdown<\/em><\/p>\n\n\n\n<p><em>To stay up to date on all things crypto, like Xcoins on <\/em><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><em>Facebook<\/em><\/a><em>, and follow us on <\/em><a href=\"https:\/\/twitter.com\/realxcoins\"><em>Twitter<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.instagram.com\/xcoins.hq\/\"><em>Instagram<\/em><\/a><em>, and <\/em><a href=\"https:\/\/www.linkedin.com\/company\/54161996\/\"><em>LinkedIn<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It has been a bright start to the year for bitcoin. After remaining uncharacteristically stable for the first week of [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":8105,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[740],"tags":[],"class_list":["post-8104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin Soars Above $21K | Xcoins<\/title>\n<meta name=\"description\" content=\"Bitcoin rallies on positive inflation data, Bitcoin mining difficulty reaches all-time highs and Litecoin\u2019s halving event is now less than 200 days away.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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