Today sees the Bitcoin bulls mounting a fightback following the weekend slide. Although the leading cryptocurrency is up a relatively modest 3%, it’s still welcome news considering the pain of last week’s sell-off.Despite recent turbulence, Bitcoin’s macro performance has been nothing short of remarkable since the end of Q3 2020. While the lead up to this period saw many months in and around $10k, the end of October 2020 was when things really started to take off.Over this period, Bitcoin posted near 300% gains before topping at $42k. What was particularly special about this was the move’s speed and strength, which forced the crypto skeptics to second-guess their position.On that, Marcus Swanepoel, the Chief Executive of crypto exchange Luno, said:
“Even the most bullish of bitcoin advocates could not have foreseen such a meteoric rise in price in such a short space of time.”
Since the rejection at $42k, a sense of normality has returned. With that comes the opportunity to assess the impact of the run-up in relation to other metrics.On that Twitter analyst, @100trillionUSD noted that mining difficulty remained comparatively flat despite the exponential gains over this period.In the past, mining difficulty increased as the Bitcoin price increased. The most notable example of this relationship is shown in the chart below, in 2013. During this time, mining difficulty saw a steep rise as BTC went from just over $10 to $1,000.