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Bitcoin Rally Lifts Proof of Work (POW) Sector

Patricia Arquette
Release： 2024-10-19 10:22:27
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On Friday, Oct 18, Bitcoin price gained another 2%, reaching a monthly peak of $68,876. Institutional investors are eyeing Bitcoin as macroeconomic

Bitcoin Rally Lifts Proof of Work (POW) Sector

Bitcoin price continues to rally, reaching a monthly high of $68,876 on Friday, Oct 18. The rally is also boosting the broader Proof-of-Work (PoW) sector.

As Bitcoin price rallies, so does the rest of the broader Proof-of-Work sector. Markets insights show that the Bitcoin rally has had a positive impact on the rest of the crypto market, especially the PoW sector.

PoW coins, in crypto, are projects that use compute power to solve mathematical problems in order to validate and record blockchain transactions. These coins are attractive to large investors because of their high level of security, transparency and resistance to hacks.

This week's Bitcoin rally has led to significant capital inflows into the PoW sector. Institutions are looking at altcoins, which have the potential for larger price movements, as the positive macroeconomic indicators are increasing investors' risk appetite.

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