Bitcoin renews August highs and looks to 23 thousand dollars

Bitcoin is trading above $22,25k at the beginning of the week, and the cryptocurrency’s high hash rate #1 is contributing to that.
In the first half of September 12, bitcoin’s price is up 2.7% on a daily basis, to $22,25k. On September 11, cryptocurrency No. 1 was renewing its August 23 high, when it rose to $21,73,000. The strong growth suggests that bitcoin is making a bid to reach $23,000 for the foreseeable future.
Notably, the bitcoin price in the first half of September 12 rose against the background of Ethereum’s 0.5% decline to $1.75K – this dynamic reflects investors’ skepticism about how Ethereum will develop after the expected introduction of the Merge update to its blockchain, which, as became known back in the summer, will not help reduce the average cost of commission with this digital asset. That said, investors have been actively interested in different altcoins, as signaled by bitcoin’s low level of dominance (39.7%) in the cryptocurrency market.
Also in favor of bitcoin’s rise is the fact that recent updates to bitcoin’s hashrate highs, which reflect the increase in mining activity for this #1 cryptocurrency, could mean that the timing of the next payout for each block found could move from May 2024 to Q4 2023, which means it could happen sooner. In bitcoin’s previous history, halvings have been bullish signals to the No. 1 cryptocurrency market, putting its price on an upward trajectory.
Importantly, bitcoin is becoming an increasingly mature investment asset, and shows resistance to the U.S. Federal Reserve’s rate hikes.

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