• Bitcoin remains below $27K with an analyst saying that it has entered an “accumulation phase”
• BRC-20 tokens reach toward a $500 million market cap, and Glassnode data shows miners benefit from the fees
• Data from CoinDesk Indexes show the daily price chart of Bitcoin
Bitcoin Price Drops Below $27K
Bitcoin prices dropped below $27K recently, according to CoinDesk Indexes. An analyst believes that this could be because the largest cryptocurrency by market value is in an “accumulation phase.”
BRC-20 Tokens Reach Toward $500 Million Market Cap
Data from Glassnode indicates that BRC-20 tokens have been a boon for miners as they push toward a $500 million market cap. The fees associated with these tokens have provided a lucrative source of income for miners.
Daily Price Chart of Bitcoin
The daily price chart of Bitcoin was presented by CoinDesk Indexes. This chart showed the recent drop in prices, as well as how bitcoin has been trending in general over time.
Analysts Speculate on Accumulation Phase
Analyst believe that bitcoin has reached what is being called an “accumulation phase,” where prices are lower than usual but still relatively stable. This phase could be beneficial for investors who want to buy into bitcoin at a discount rate while still having some assurance that their investment will remain relatively safe.
Glassnode Data Supports Miners
Glassnode data shows that BRC-20 tokens have been very beneficial for miners, providing them with fees and pushing the token’s market cap towards $500 million dollars. This provides an additional source of income for miners, helping to support them during times when other cryptocurrencies may not be performing as well.