Elon Musk supported an interesting prediction that all cryptocurrencies will switch to GPU mining in 2030. While Bitcoin and ETH are going through tough times, this prediction points to fundamental changes for the market.
Elon Musk supported the giant Bitcoin prediction
Twitter’s @growing_daniel recently made an ambitious prediction that all cryptocurrencies will transition to GPU mining by 2030. This prediction matches Musk’s artificial intelligence project, which surfaced in April. cryptocoin.com As we reported, it turned out that Musk bought thousands of graphics processing units (GPUs) on this date.
Daniel referred to the fact that miners are using GPUs, as well as the growing trend of fiat currency digitization. In response, Musk agreed, although he noted that there should be a change in terminology for the underlying technology. “We should probably stop calling them GPUs, but yes,” he replied to what Daniel said.
Elon Musk is a name known for his influence on the cryptocurrency market. GPU usage predictions support the trend that could trigger a rise in Bitcoin and ETH prices.
BTC holding steady at $30,000
Glassnode’s new report states that with the Bitcoin price consolidating at $30,000, the ‘midpoint’ of the 2021-22 cycle, on-chain metrics indicate that the market is again trending towards a period of accumulation.
Glassnode evaluated the depth of “bull market corrections” so far this year. He compared these cycles with previous cycles. The on-chain data provider stated, “The highest drop in 2023 is just -18%. He found that this was quite shallow compared to all previous cycles. According to Glassnode, this suggested that “a relatively strong degree of demand underlies the asset.”
The report also covered BTC’s recovery in November 2022, when it dropped as low as $15,000. It has since found that its value has increased by 91%. According to Glassnode, this recovery “has a remarkable resemblance to the recovery rallies of previous cycles.”
The report says that despite the price volatility of 2023, the BTC market continues to show signs of strength in the current cycle.
Inscriptions, main catalyst for BTC
In addition, Glassnode drew attention to the impact of Inscriptions on Bitcoin. The inscriptions sparked a spike in BTC network activity a few months ago. Typically, an increase in this metric is a positive signal for increased adoption and a healthy network. However, inscriptions with address reuse and small transmission volumes require a more nuanced interpretation. Active address momentum has started to pick up again in recent months, with inscriptions declining. According to Glassnode:
The traditional interpretation would see the last 2-3 months as an implied drop in Bitcoin network activity. However, the correct interpretation is that this is simply a product of significant re-address use by inscription investors, and network activity really explodes as blocks fill up.
cryptocoin.com In this article, we have included what levels analysts expect in the short term in BTC price.
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