Bitcoin hash rate tends to peak. What does this mean for the market?

Briefly:

  • BTC hash rate almost reached annual peak
  • Since the fall in June, it has risen by more than 116%
  • Experts point out that this may indicate a further increase in quotations

In June of this year, the global bitcoin hash rate dropped to 84 exahashes per second (EH / s). Such a drop was dictated by the tough policy of restricting and blocking the crypto sector by the Chinese authorities.

At the end of July, the amount of computing power reached the level 109 EH / s. The maximum annual value was in May – 220, 6 EH / s. Then the market was at the peak of the bullish phase, characterized by a constant growth in the rate of the first cryptocurrency.

In total, the hash rate has increased by more than 68%. As of Thursday, December 9, this indicator reached the level of 197, 68 EH / s. Compared to , 29%.

Bitcoin hash rate.

How will this affect the market?

The hash rate trend is considered to indicate fluctuations in the rate. An increase in the amount of computing power may indicate a further rise in price.

However, experts urge to treat such a forecast with caution. The relevance of crypto asset hash data may vary depending on the source. So, for example, according to BitInfoCharts, in June the drop was even more noticeable – up to 53 EH / s.

On Saturday, December 4, Bitcoin fell to 42 one thousand dollars. The market is in a gloomy mood in anticipation of a further recession. However, analysts say this is the last drop before the upcoming rally.

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