Bitcoin Hashrate Hits Record 83.5 TH/s While Price Trades Sideways

Bitcoin Hashrate Hits Record 83.5 TH/s While Price Trades Sideways

Bitcoins blockchain produced new historic records this week as the cryptocurrencys technical health increasingly contradicts its lower price.

Bitcoin Hashrate Hits 83 Quintillion[/b]

As data from monitoring resource and wallet provider confirms, it was Bitcoins 00 hashrate leading the charge, hitting 83.5 quintillion hashes per second on August 29.

That number is BTCs best achievement in its ten-year history, and the first time hashrate has surpassed 80 quintillion hashes per second.

Hashrate refers to the amount of computing power servicing the Bitcoin network. The more hashes per second involved, the more power miners are devoting to processing and validating transactions.

A higher network hashrate also means better security and often better decentralization of mining power across more users.

The metric has hit record levels continually in recent months, and the implied benefits make it a cause for celebration among BTC proponents.

On Friday, it was RT host and serial Bitcoin permabull Max Keiser who took heart from the statistics, even as BTC/USD dropped 8% in a sudden loss of support.

Keiser additionally noted Bitcoins high share of the overall cryptocurrency market cap. That number hit 70% this week, according to some measures, its highest since March 2017.

New (all-time high) for (Bitcoin) hashrate as alts die and players position themselves strategically ahead of BTCs move back to 85% dominance, Keiser summarized on Twitter.

BTC Booms At Altcoins Expense

As Bitcoinist noted, altcoins have indeed suffered as a result of Bitcoins rise. For Keiser, the future is also bleak he claimed Bitcoin Cash and Bitcoin SV are particularly vulnerable to further loss of value.

Ethereum, meanwhile, is set for a halving not of the block reward, but of price.

ETH heading back to $90, he finished, repeated a warning from earlier in the week about the largest altcoin.

Bitcoins price meanwhile has failed to match the strength of its network fundamentals. While not unprecedented, the schism nonetheless gives analysts cause for concern, with several advising traders to take precautionary measures with their holdings.

Im long BTC, popular day trader FilbFilb told Twitter followers as Bitcoin hit $9600. Despite being up from local lows of $9350, this was not enough to restore sentiment.

Live by the sword, die by the sword, he added.

Earlier, Bitcoinist noted a theory that margin trading was responsible for sudden turbulence on Bitcoin markets. BTC/USD losing $500 in minutes is just the latest example of the phenomenon, which intersperses periods of sideways price action.

What do you think about BTCs network performance versus price? Let us know in the comments below!

Images via Shutterstock

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31.08.2019 / 06:50 50
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