As a seasoned crypto investor with several years of experience in this volatile market, I’ve witnessed my fair share of Bitcoin price swings and network hashrate fluctuations. The recent surge in Bitcoin’s hashrate to new all-time highs is an exciting development that fills me with optimism for the future of this digital asset.
The hash rate of Bitcoin reached a new peak recently, coinciding with a surge in its market price. This event holds importance as it reflects the current state of Bitcoin’s network and may influence future pricing trends.
Bitcoin Hashrate Hits Record Highs
The Hashrate Index’s latest data reveals that Bitcoin reached a new peak network hashrate of 677 exahashes per second (EH/s) on July 26, outpacing its previous record of 656 EH/s set on May 27. According to the seven-day Simple Moving Average (SMA), which is widely used by miners for estimation, this data represents the most reliable current figure.
As someone who has closely followed the Bitcoin market for several years now, I can tell you that the 3-day Simple Moving Average (SMA) of Bitcoin’s hashrate presents a particularly optimistic perspective. Just recently, on July 23, the mining output reached an all-time high of 707 Exahash per second (EH/s). This surge in hashrate signifies that more computational power is being added to the network to process transactions.
The impact of hashrate on Bitcoin’s price is significant because an uptick in this measure signals that miner capitulation has passed, indicating that miners have stopped selling off large amounts of Bitcoin and are once again profitable. Miner capitulation occurs when miners face losses and consider selling their Bitcoin or even shutting down their operations.
After the Bitcoin halving in April, miners faced a significant reduction in their rewards. Consequently, many miners responded by selling off their Bitcoins. This mass sell-off was exacerbated as Bitcoin’s price started to decline post-halving. According to Bitcoinist, approximately 30,000 BTC were sold in June alone, contributing significantly to the cryptocurrency’s price drops.
It was no surprise that Bitcoin’s hashrate reached new peaks given the buy signal from the hash ribbon indicator in Bitcoinist’s recent report. This indication suggested that the selling pressure was about to lessen and a significant increase in BTC‘s price was on the horizon.
BTC Is Just Getting Started
Bitcoin is currently surging in value. The pioneering cryptocurrency is aiming for the significant price point of $70,000 and is attempting to make it a supportive level. According to current technical assessments, this milestone may be reached relatively soon, as prominent crypto analysts like Mikybull Crypto anticipate that Bitcoin could establish a new all-time high during this upward phase.
According to Mikybull Crypto’s analysis, Bitcoin is poised for a significant price surge. Based on the chart he presented, it’s possible that the flagship crypto could climb up to $90,000 by September. Moreover, in the longer term, Mikybull believes that Bitcoin has the potential to hit $136,000 as it reaches the peak of this market cycle.
Currently, Bitcoin is priced approximately at $69,500 based on information from CoinMarketCap, representing a nearly 3% increase within the past 24 hours.
Read More
- ENA PREDICTION. ENA cryptocurrency
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- LUNC PREDICTION. LUNC cryptocurrency
- USD COP PREDICTION
- USD ZAR PREDICTION
- BRISE PREDICTION. BRISE cryptocurrency
2024-07-29 15:11