Bitcoin’s blockchain reached new records this week as the number one cryptocurrency’s technical health is contradicting the lower price levels as we are seeing in the altcoin news analysis.
As the data from the monitoring resource and wallet provider Blockchain.com confirmed, bitcoin’s hashrate is changing and taking the charge reaching 83.5 quintillion hashes per second on August 29th. This number is one of the achievements of the best in the ten-year history of bitcoin and the first time that the hashrate has surpassed the 80 quintillion hashes per second.
The hashrate refers to the amount of the computing power servicing the bitcoin network so this means that the more hashes per second are involved, the more power the miners are devoting to process and validate transactions. A high network hashrate also means that there is better security and a better decentralization of the mining power for more users.
The metric has reached new levels continuously in the recent months and this was a cause for celebration among the BTC proponents. On Friday, the RT host and popular bitcoin bull Max Keiser noted that Bitcoin’s high share of the overall cryptocurrency market cap hit 70 percent this week which is the highest since March 2017. He summarized:
“New (all-time high) for (Bitcoin) hashrate as alts die and players position themselves strategically ahead of BTC’s move back to 85% dominance.’’
As it was noted in the reports from the best cryptocurrency news sites, the altcoins have suffered a lot as a result of the latest Bitcoin’s blockchain rise and for Keiser, the future is also bleak as he claimed that Bitcoin Cash and Bitcoin SV are particularly vulnerable to a bigger loss of value. Ethereum in the meantime is set for halving but the halving of the price. Bitcoin’s price in the meantime has failed to match the strength of the fundamentals of the network and while not unprecedented, the division gave the analysts a huge cause for concern with multiple advising traders to take measures with their holdings. The popular day trader FilbFilb explained that when Bitcoin hits $9600 it is still not enough to restore the sentiment.
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