The crypto news today show that despite the major drop which occurred yesterday, the Bitcoin hash rate seems to have doubled over the past day. The myths that the hash rate suffered a 40% drop this week are now gone and the most dominant cryptocurrency showed that there are new highs just days after these rumors.
According to data from the monitoring resource Coin Dance, the hash rate metric dipped from 104 quintillion hashes per second (h/s) to 57 on September 23, and it immediately reversed. On September 24, the Bitcoin news showed that the Bitcoin hash rate doubled, reaching 114 quintillion h/s which is just a touch away from the all-time highs of 121 quintillion h/s which were seen ten days before that.
As many sites noted, the commentators and analysts were initially scared when the hash rate dropped. The sudden exodus of computing power sparked alarm because of its link to the Bitcoin mining process. The feeling was shared by the cryptocurrency too – and the BTC/USD pair shed 15% a day later.
According to some commentators, the Bitcoin news updates which show a drop to $8,105 for the major cryptocurrency are only an after effect from the price action which is following the hash rate movements.
Nonetheless, some technical sources explained that the hash rate charts available online give little idea of the computing power involved in Bitcoin. As they explained, the hash rate is essentially unmeasurable and the statistics are simply a rough estimate.
Factors including slow block times can also affect the results, leading to ominous ones such as the week’s fake crash, as analysts noted. Nonetheless, the Bitcoin hash rate remains on its upward trajectory as it stands – and it is very close to all-time highs. This is a big contrast with the drop in price.
As a reminder, Bitcoin managed to shed 21% of its price compared to the price from a week ago. The cryptocurrency has lost around 4% on the day alone and its market cap shed to $146 billion. This also affected the BTC dominance which is now at 68% – as well as the total market cap which now stands at $214 billion.
The only positive indicator is the 24 hour volume which right now shows $68 billion was traded.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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