Bitcoin Hash Rate It recently hit an all-time high amid a price rally for the leading cryptocurrency. This development is significant given what it means for Bitcoin Ecosystem And how this might affect prices in the future.
Bitcoin hash rate hits all-time high
Data From the Hashrate Index, it appears that BTC reached an all-time high network hashrate of 677 EH/s on July 26, surpassing its previous high of 656 EH/s recorded on May 27. This is based on seven-day data from the Hashrate Index. SMA (Simple Moving Average)which miners consider the most accurate estimate.
However, the 3-day simple moving average provides a more bullish outlook for Bitcoin’s hash rate, with Mining output The record high was 707 EH/s on July 23. Increase in network hash rate This usually means adding more computing power to verify transactions. This makes the network more secure and can also have a significant impact on the price of Bitcoin.
The impact of hash rate on the BTC price comes in particular from the fact that an increase in this metric means that The miners’ surrender is over. And that stability has returned among these miners. This capitulation of miners indicates when miners start to dump a large amount of their Bitcoin holdings and may stop working due to unprofitability.
This started after the halving event in April, where miners saw their mining rewards cut in half. This led to a wave of selling among these miners, especially since the price of Bitcoin saw a downward trend after the halving. Bitcoinist Reported These miners sold over 30,000 BTC in June, leading to massive price crashes in the leading cryptocurrency.
Meanwhile, Bitcoin hash rates were expected to reach new highs. Recently reported The tick bar indicator was flashing a buy signal, indicating that the capitulation was about to end and a major recovery in the BTC price was imminent.
BTC just started
Bitcoin is currently in an uptrend. The leading cryptocurrency is once again looking to Price level $70,000 We are looking for a flip as support. Based on recent technical analysis, this should happen soon enough as crypto analysts like Mickeyball Crypto I expect Bitcoin price to reach a new record high in this next phase.
Mikybull Crypto recently stated that a “crazy rally” was on the horizon for Bitcoin. Based on the chart he shared, the leading cryptocurrency is well poised to surge to Up to $90,000 From now until September. Bitcoin price is expected to reach $136,000 in the long term as it is the top for this year. Market cycle.
At the time of writing, Bitcoin is trading at around $69,500, up over 3% in the last 24 hours, according to Data From CoinMarketCap.
Featured image created using Dall.E, chart from Tradingview.com