The number one cryptocurrency by market capitalization Bitcoin has outperformed the expectations of several members of the crypto community as well as expert analysts and traders. However, the asset seems to have more surprises to dish out as it recently exceeded its predicted hash rate value for this time according to $100 trillionUSD.
Bitcoin hash rate
Hash rate is a measure of a miner’s ability to solve the complex mathematical problem which leads to the minting of new cryptocurrencies through a process called mining. The higher the hash rate, the higher the efficiency of the system and the easier it is for miners to get block rewards. This means that a higher hash rate is healthier for the network than a lower one.
As a result of the current massive bull market, Bitcoin hash rate modeled by $100 trillion USD (shown above) which shows that Bitcoin would reach $10,000 by 2020 at the then rate of growth has been exceeded. In the Current market, Bitcoin is already well over $8,000 at the time of writing this article. This has beaten the expectations of several experts who expected recovery for Bitcoin after the 2018 bear market but did not know it would be so fast.
The rage continues
Bitcoin was just over $7,000 in the early hours of today. However, when it started rising, it took only a few hours for it to get past $8,000. Several factors have been associated with the price surge such as major news like Bakkt user acceptance testing in July, Gemini partnership with Flexa to bring crypto payments to major retailers as well as Microsoft’s announcement of distributed identity tool. The question the cryptocurrency community is asking now is, will the market surge continue this way? If it does then a lot more surprises may be awaiting industry experts and the entire community as the growth is completely unprecedented.
A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu