Bitcoin is again in the green, gaining a modest 1% in the last 24 hours while the rest of the market struggles. It is now worth $10,570. The move continues Bitcoin’s positive momentum this September, with the cryptocurrency now up close to 10% in the last five days.
On top of that, Bitcoin reached its highest ever network hash rate on September 3 at 86.3 Exahashes per second. This helps to bolster both the health and security of the network.
All other cryptocurrencies in the top ten are experiencing minor losses, with Litecoin and Ethereum being hit the worst—down close to 3% in the last 24 hours.
Nevertheless, market sentiment appears to be recovering. According to the alternative.me Crypto Fear & Greed Index, people speaking on social media are feeling less negative about the market, with the index improving from a state of extreme fear last week, to mild fear as of today. This means fewer people are worried that there might be a sudden drop in prices.
Besides Bitcoin, Monero (XMR) has also experienced significant gains in the past day, climbing 5% from $72.68 to $76.23 as of writing. At the same time, its inflation rate just dropped below that of Bitcoin. As it stands, Monero has a daily inflation rate of 0.010019%, compared to 0.010046% for Bitcoin. Unlike Bitcoin—which halves its new supply of coins every four years—Monero’s issuance reduces day-by-day. That is, until 2020, where it flatlines at 3 new XMR every 10 minutes.