Bitcoin price has climbed over $7k while its hash rate also takes a hike of over 50% this month and about 35% in just 2 days. This has the experts reiterating their bitcoin price predictions stating a new Bitcoin high is coming and long-term interest of investors in leading crypto.
Bitcoin hash rate takes a hike, meanwhile, Bitcoin climbs over $7k
Bitcoin hash rate has constantly been on a rise but this time it has hit another level as the hash rate sees a tremendous rise. The computing power of the Bitcoin network has broken over 60 quintillion hashes per second, reaching a new high.
If we take a look at the previous months, in June, this rate has been on 43 quintillion level. In July, the 50 quintillion mark has been broken and now in August month alone, a rise of 50 percent can be seen.
Since last year in December, when the bitcoin price hit its peak, the hash rate also took on an ascending curve. However, despite the market wide-correction where Bitcoin lost more than 60 percent of its value while altcoins decline more than 90%, the hash rate is only increasing. Actually, the network hash rate has spiked over 150% over the last six months.
Moreover, in the last 2 days, the spike in hash rate has been even more astounding i.e. of 35 percent. If we take a look at the BTC price chart below, Bitcoin has also risen. Yesterday, it even broke the $7,000 level. At the time of writing, the world’s leading cryptocurrency has been sitting at $7,064 with a 24-hours trading volume of $4.47 billion.
Also, read: Anti-Dollar in Full Force, While Bitcoin Increasingly gaining Traction all over the World
Experts on exploding hash rate: Happy BTC investors, new ATH incoming
This increase in hash rate can be attributed to the entry of new miners into the market who are unperturbed of the staggering prices.
Though over the time the connection of hash rate and bitcoin price has been severed unlike when bitcoin first came into the market, experts do find a connection.
According to Max Keiser, the financial analyst, former wall street trader, and crypto expert, price follows hash rate and he firmly believes a new all-time high (ATH) is coming in his Tweet.
New ATH. 60,000 quadrillion calculations per second. Unstoppable. New ATH incoming. #Bitcoin pic.twitter.com/wL64hHHAtO
— Max Keiser (@maxkeiser) August 28, 2018
He even reiterated his previously predicted bitcoin price hitting $28,000 in another of his Tweet.
Based on my HR analysis, new ATH incoming. $28,000 still in play. pic.twitter.com/hYgPti1cqn
— Max Keiser (@maxkeiser) August 28, 2018
Recently, in an interview with Bloomberg, the CEO of Australia-based crypto exchange Blockbid, David Saper shared the continuing rise in hash rate shows the investors’ long-term interest and satisfaction in Bitcoin:
“The increased hash rate means people are here for the long-term because they’re happy to just accumulate what they have, potentially even run at a loss. At the same time, they do sometimes have to clear house and dump.”
Experts are clearly optimistic and hopeful of a coming bull rally that is expected to take Bitcoin to a level higher than the last time.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.
