What is Bitcoin 500u (Bitcoin 59000)

What is Bitcoin 500u? According to cointelegraph, based on BitInfoCharts data, the price of Bitcoin has increased by nearly 500% in 2019. In the bull market of 2017, the price of Bitcoin once exceeded $4,000. At that time, there were rumors that China would start implementing a cryptocurrency ban. However, the price of Bitcoin quickly declined, hitting a low of around 33,000 yuan and then rebounding to around 2,000 yuan. Currently, it is worth about 35 million US dollars. So what is Bitcoin 500u? What functions does it have and why is it so popular?

Bitcoin 59000

Editor’s note: This article is from Caibtc Blockchain (ID: cybtc_com), authorized by Odaily Star Daily for reprinting.

Recently, the trend of Bitcoin has become stronger and stronger. Although it fell back slightly last night, there is still a slight upward trend. Looking at the daily chart, it is above 59,000, which is near 58,000. If you look at the 4-hour trend chart, the current price has exceeded the $50,000 mark. However, due to multiple failures to break through the $60,000 mark before, it has been difficult to maintain above the $50,000 mark in the short term, so it is difficult to have a one-way rebound trend.

BTC weekly chart

According to Tradingview, yesterday, it received a long lower shadow positive K and a bottom support at around 59,500 in a small bull consolidation zone, followed by a small volume increase and then a rapid decline to below 43,000 for consolidation. Starting at 6:30 am today, after two consecutive rises, there was a brief adjustment on Wednesday night this week. However, this does not mean that the bearish trend is over.

Let’s take a look at the weekly trend chart. Bitcoin’s 7-day MA20 moving average runs in the middle of the Bollinger Bands with the 50-day moving average, indicating that the bullish momentum is strengthening. At the same time, MACD has formed a death cross signal at the turning point of the 0 axis. Comprehensive analysis shows that the recent volume indicators have shown a bullish stance. Will the current situation continue? From 10:00 am on April 18th to now, the price of Bitcoin has been consolidating below this key resistance.

Last Friday, after Bitcoin fell below the $30,000 support level, the price once again entered a sideways state and rebounded at the high point of $57,500. In the next few hours, Bitcoin once again tested the $40,000 pressure level and stabilized. As of now, Bitcoin is still fluctuating above $57,000.

ETH weekly chart

Ethereum has been experiencing a significant high consolidation cycle since the beginning of this year. Its historical record was reached at the end of December 2017. However, Ethereum’s long-term trend is more optimistic and has not experienced a significant downward trend since 2019. However, since Bitcoin first reached $34,000 last week, it has been trading within a low range until the recent days when it has returned to calm. 1. ETH’s on-chain activity

2. Daily new addresses of Ethereum

3. Ethereum’s mining power changes

4. Hash value changes mined by Litecoin miners

5. Daily average transaction volume of DApps on Cardano

Total Value Locked (TVL)

According to Glassnode data, currently about $1.5 billion is staked every day. Among them, the largest investment was initiated by a new entity named “DragonEx,” which is a decentralized digital asset management platform.