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Bitcoin reached a new milestone yesterday, but the cryptocurrency market continues to underperform. Bitcoin’s value is currently down by more than 30% from the all-time high it set last month.
Only 10% of Bitcoin’s 21 Million Supply is Left to be Mined
New data from blockchain tracker Blockchain.com has revealed that 90% of Bitcoin’s total 21 million supply has been mined. This means that 18.89 million bitcoins are already in circulation, with the remaining 10% yet to be mined.
According to Bitcoin’s algorithms, the last coin will be mined by 2140, which is nearly 120 years from now. The mining difficulty will continue to increase while the mining reward is reduced by half every four years. It took only 12 years for 90% of Bitcoin’s total supply to be mined.
Bitcoin mining hash rate suffered earlier this year after the Chinese government cracked down on crypto mining activities. However, the mining hash rate was close to its all-time high-level last week after it hit 179.5 Ehash/s. The recovery was thanks to the migration of Bitcoin miners to countries with more favorable laws, such as the United States, Canada and Kazakhstan.
Jack Dorsey’s Square, now known as Block, is the latest company that is looking to enter the Bitcoin mining space. Block is currently working to launch a Bitcoin mining system and compete with the likes of Bitmain and Canaan.
Bitcoin’s Price Continues to Struggle
Despite the recent milestone hit by the leading cryptocurrency, Bitcoin has been underperforming in recent weeks. Over the past month, Bitcoin has lost more than 27% of its value, down from the all-time high of $69,044. At press time, BTC is trading at $47,343, down by 2.8% over the past 24 hours.
Bitcoin’s technical indicators also show how much the cryptocurrency is underperforming at the moment. The relative strength index (RSI) of 32 shows that Bitcoin is currently oversold and is facing further selling pressure. The MACD line is still below the neutral zone and has now been in the bearish region for the past few weeks.
The Rainbow Oscillator is also within the negative territory. At press time, BTC is trading below its 50-day simple moving average at $57,747. The technical indicators show that Bitcoin’s price is currently underperforming.
This article was originally posted on FX Empire