At the end of the month, we come back to the latest crypto market news. We see some interesting numbers from Bitcoin Mining. Moreover, there would be more than 10,000 cryptocurrencies in total and the DeFi zone is still partially riddled with fraudsters.
Crypto News #1: Bitcoin Mining Difficulty Nears All-Time High
Bitcoin Mining Difficulty is a metric that tells us how difficult it is to mine new bitcoins and validate transactions on the Bitcoin blockchain at the moment. Greater difficulty for miners also means that the profitability of the mining process continues to decline. This difficulty has recently increased by almost 10% to 30.98T. This is close to the all-time high of 31.25T from May 2022.
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The profitability of mining therefore continues to decline. What looks like bad news at first glance, however, means in the medium to long term that the value of Bitcoin should increase due to the difficulty. The hash rate has increased significantly recently, which is a very good sign for Bitcoin.
Crypto News #2: New Study Sees Over 10,000 Cryptocurrencies in Market
The number of cryptocurrencies has increased significantly in recent months and years. According to data from Augusta Free Press, there will now be more than 10,000 cryptocurrencies on the market in 2022. This number increased from 6,000 to 10,400 between July 2021 and February 2022. With this year’s bear market, the number fell to 10,000 in August.
Previously, the number increased from around 60 in 2013 to 4,500 in 2020. According to the study data, the number of cryptos roughly doubled between 2021 and 2022. It is interesting to see that only 5 crypto- currencies hold about 75% of the total market capitalization. These are Bitcoin, Ethereum, BNB, Tether and USDCoin.
Crypto News #3: The DeFi platform saw a new rug draw
A rug pull occurs when a new crypto project raises investment funds, but then triggers the project, driving the value of the token to zero. The GameFi HeroCat project has now seen such a draw. According to GoinGecko, the HeroCat token lost 99.9% of its value last week.
Investors should be extra careful in the DeFi space. The relatively young area continues to be riddled with a few scammers. This is reminiscent of the early years of cryptocurrencies. New projects often turn out to be scams. Therefore, you should continue to be careful with new projects in this area.
What can we remember today?
The Bitcoin mining difficulty data encourages the medium to long-term development of the Bitcoin price. The crypto market continues to grow and can now also be measured in numbers of cryptocurrencies. Moreover, while the DeFi market is extremely exciting, it also has its pitfalls.
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