The crypto market is again gaining traction after the top cryptocurrency, Bitcoin price has hit $21,000. The current momentum in the BTC price has pulled a lot of miners back to the network who left Bitcoin mining due to the low price and relatively high expense of keeping the mining rig up. Miners mainly based in the United States have resumed their Bitcoin mining operations, which left the mining difficulty to climb to an all-time high of 37.50 trillion, a huge 10.26% jump.
BTC mining difficulty was 26.64 trillion at the same time last year, while the price of this top cryptocurrency was hovering around $40,000. The continual decline in the price of Bitcoin has forced many miners to shut down their rigs. Amid many other crises in the crypto market, crypto mining companies Core Scientific and Compute North Holdings Inc filed for bankruptcy last year.
A recent jump in Bitcoin price has led the entire crypto market green, with many altcoins managing gains in 3 digits over the last week. Metaverse coins such as MANA have gained more than 100% within the past few days. This recently pump has again discard the theory of crypto going to die in 2023. Although the crypto experts have concluded this upward move as a kickstart of a bull run, BTC price is still holding below $21,000 and getting rejected heavily.