Bitcoin price stabilizes above $18,000, and mining difficulty is approaching a record high

According to BlockBeats, on November 30, the price of Bitcoin has fluctuated frequently recently. It once rose to a two-year high of more than $19,000 and fell below $17,000 several times within a week.

According to OKLink data, the mining difficulty of Bitcoin (BTC) has increased by 8.87% to 19.16T. Glassnote also stated that the difficulty of Bitcoin mining has increased, which makes the indicator less than 5% from the highest record set last month.

According to previous data, the increase in Bitcoin mining difficulty was one of the signs of the start of the bull cycle in 2013 and 2016, although it remains to be seen whether the recent rebound within 3% of its ATH price is long-term bullish. Last week, the price of Bitcoin fell 11% as many whales moved some of their Bitcoin holdings to trading platforms. As of the time of writing, the price of Bitcoin has reached $18,122.

Greater mining difficulty means that in addition to increasing the number of unmined transactions in the Bitcoin mempool, fees for users and the time it takes to generate blocks will also increase. According to Earn.com estimates, the current optimal Bitcoin transaction fee is 14,272 satoshis, or about $2.60.

On the other hand, the Ethereum (ETH) blockchain, which has a thriving ecosystem, has also recently hit new highs. On Friday, Glassnode reported that the network’s mining difficulty reached its highest level in two years after the token price fell from more than $600 on November 23 to a low of $513.