Apolline Blandin, a leading analyst at the University of Cambridge’s Center for Alternative Finance, is confident that the jump in bitcoin hash after halving indicates growing competition among BTC miners.
Another characteristic of the current market of mining companies can be considered a decrease in sales of mined cryptocurrency. This suggests that only strong competitive companies remained in the market, who were in no hurry to get rid of coins.
At the same time, a recent report by analysts at Bloomberg speaks of an increase in demand for tokens mined by miners. The report mentions the Grayscale cryptocurrency fund, which began to buy 25% of the BTC mined from the market, which is 2.5 times more than last year.
“After cryptocurrency prices fell by 60% in 2014, by the end of 2016 Bitcoin reached the peak of 2013” - Bloomberg analysts
Recall that in 2018, the value of Bitcoin fell by 75%. Given this information, we can assume that in 2020 we will again see the rapid growth of BTC.
“This cryptocurrency will approach the mark of about $ 20 thousand, in our opinion, if the market can repeat the scenario of the price movement in 2016,” the report says.
Separately, it is worth noting that Apolline Blandin reported a decrease in the influence of bitcoin miners on the market, which is another argument in favor of repeating the 2016 scenario.