The Bitcoin price is currently increasing significantly and pulling the entire crypto market upwards. The hash rate in the Bitcoin network also is increasing.
Optimistic mood on the crypto market: The total trading volume has risen above the $ 200 billion mark again last night. Almost a month ago, when the entire market stumbled through a panicked wave of sales, total market capitalization plummeted, culminating in a plunge from $ 223 billion on March 12 to around $ 135 billion on March 13. Almost $ 90 billion has been lost from the overall market cap in only 24 hours.
The key cryptocurrency Bitcoin continues to maintain its positive course of success in recent days. The Bitcoin price at the time of writing is trading at $ 7,358, up 4 % on a daily comparison. The BTC price has thus increased by 13.5 % in the last seven days.
The prices of the altcoins are also picking up speed again. The ether course (ETH) in particular recorded high price gains and is currently up 28.7 % in the last weekly. Over the past 24 hours, ether has risen by 14.7% to $ 172. The “bank coin” XRP from Ripple has risen 8 % in a day-to-day comparison and is currently trading at $ 0.20. The IOTA currency (MIOTA) also carried away and has increased in value by 18.2 % within a week. With an increase of 8.8 percent compared to the previous day.IOTA is currently trading at $ 0.175 level.
Hash rate increases
With the corona-related drop in Bitcoin prices, the hash rate fell sharply. The hash rate reached its lowest point on March 22, when the total computing power in the Bitcoin network plummeted to 94.158 Tera hashes per second.
But since then, the computing power in the Bitcoin network has returned to 106.308 TH / s. increased, which suggests that mining is again lucrative. With the corona-related exchange rate losses, the ratio of costs and benefits for Bitcoin miners has meanwhile fallen out of joint. As a result, more Bitcoin was sold on the market than was mined: the Bitcoin mining difficulty decreased as a result by 15 %.
The fact that the hash rate is currently rising is indirectly correlated with the positive development of the Bitcoin price. The more valuable Bitcoin is, the more profitable the mining business is. Therefore, the increase in the hash rate usually reliably follows the increase in the Bitcoin price. In addition, miners are gradually heading for the approaching halving and are upgrading accordingly.
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