- Bitcoin miner revenue revisits previous ATHs.
- BTC continued its recovery with an increase of almost 1%.
Bitcoin [BTC] has recently hit all-time highs (ATHs) as the price tests different zones. At the same time, with the renewed price increase, miners have also experienced record highs in their daily earnings.
Bitcoin Miner Compensation Shows Spikes
A study of Bitcoin miners’ incomes Glass junction revealed a significant spike on March 5. Daily miner compensation rose to $75.9 million, marking the highest daily revenue since April 2021.
As of this writing, the daily compensation for miners has fallen to about $62 million. Despite this decline, the compensation remains one of the highest since December 2021.
Source: Glassnode
Moreover, the spike in fees can be attributed to the increase in the number of daily transactions. Analysis of the volume chart on Santiment indicated that BTC volume reached over $102 billion on February 6.
This was the first time in over a year that BTC witnessed such high volume. At the time of writing, the volume was over $55 billion.
Bitcoin Miner Reserve Sees Gradual Decline
Analysis of the Miners Reserve on CryptoQuant showed that the reserve decreased as compensation increased. At the time of writing, the reserve amounted to more than 1.820 million.
At the beginning of the month the reserve was about 1.821 million, and at the beginning of February it was about 1.827 million.
Source: CryptoQuant
The drop suggests miners are selling off their assets as BTC prices rise. While this has not yet impacted the price of BTC, more substantial declines could lead to a drop in price.
Bitcoin continues its price recovery
A detailed analysis of Bitcoin price development on a daily time frame showed a pullback after crossing $68,000 on March 4. This was the first time in over a year that Bitcoin reached this level.
How much are 1,10,100 BTCs worth today?
At the time of writing, Bitcoin was trading around $66,700, having appreciated nearly 1%. This continued the 3.6% increase seen during the previous trading session.
Furthermore, Bitcoin remained in the overbought zone, as evidenced by Relative Strength Index (RSI) data. At the time of writing this, the RSI was almost 75.
Source: TradingView