• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Bitcoin

Bitcoin Hashrate Grows at Fastest Rate Ever; Will BTC’s Price Follow?

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin BTC
Advertisement
Listen to Article

Bitcoin has once again incurred a massive amount of volatility that has made it increasingly unclear as to where BTC and the aggregated crypto markets are heading in the future. This volatility, which came about after a bullish move yesterday, may prove to be negative for the crypto if it is unable to find any strong support.

During times of great volatility and unclarity, analysts and traders alike often turn towards an asset’s fundamentals for insight into which direction it is heading next, and one strong fundamental factor may point to a continuation of BTC’s bullish momentum in the near-term.

Bitcoin Hashrate Incurs Fastest Growth in Its History

At the time of writing, Bitcoin is trading down marginally at its current price of $12,430, which is down significantly from its 24-hour highs of $13,000 that were set earlier this morning.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Today’s drop signals that BTC’s bulls are not yet ready to propel the cryptocurrency higher and it may require a longer period of consolidation before it once again begins its upwards journey back up towards its 2019 highs of $13,800.

Although today’s drop came as a surprise to most analysts and investors alike, it is important to note that Bitcoin still has incredibly strong fundamentals that will likely help lead it higher in the near-future.

One of these factors is BTC’s hashrate, which has recently incurred its fastest growth in the history of BTC, which is one robust fundamental factor that could lead the cryptocurrency significantly higher.

“The Bitcoin network hashrate has just recorded its fastest growth in history. Bitcoin’s total hashrate (on a 7-day moving average) has increased by 13.11 EH/S over the past 30 days – its fastest pace ever. What does this mean for the price of #Bitcoin?” Binance Research – the research arm of cryptocurrency exchange Binance – noted in a recent tweet.

The Bitcoin network hashrate has just recorded its fastest growth in history. $BTC

Bitcoin's total hashrate (on a 7-day moving average) has increased by 13.11 EH/S over the past 30 days – its fastest pace ever.

What does this mean for the price of #Bitcoin? pic.twitter.com/0rzENUUdzP

— Binance Research (@BinanceResearch) July 9, 2019

All Eyes on BTC’s Monthly Close

Right now, analysts are closely watching to see how Bitcoin reacts to the downwards pressure it is currently facing, and it is critical that it ends July with a green monthly candle so that its bulls have time to regain their strength and propel it higher.

“$BTC Monthly: The monthly close is still a few weeks away but you can’t deny the bullishness if Bitcoin can close above the previous ATH close at $13,863. On high-time frames it will be clear skies with no price history resistance overhead, only support. Countdown to July 31st,” Josh Rager, a popular crypto analyst, explained in a recent tweet.

$BTC Monthly

The monthly close is still a few weeks away but you can't deny the bullishness if Bitcoin can close above the previous ATH close at $13,863

On high-time frames it will be clear skies with no price history resistance overhead, only support

Countdown to July 31st pic.twitter.com/E1OI6mnZMV

— Josh Rager ? (@Josh_Rager) July 10, 2019

As the week and month continue on and Bitcoin reacts to the volatility it is currently incurring, it is highly likely that investors and analysts alike will soon understand whether or not BTC will soon surge back up to its all-time-highs.

Featured image from Shutterstock.
Tags: bitcoinbtccrypto
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

btcu

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

3 hours ago
Can Blockchain Help Enterprises Navigate GDPR Headaches?

Can Blockchain Help Enterprises Navigate GDPR Headaches?

4 hours ago
altcoins bitcoin crypto alt season altcoin xrp ethereum ripple litecoin

Centralized Wealth: The Downside To Institutional Bitcoin Buying

18 hours ago
Ethereum

Ethereum Rallies Towards All-Time Highs as BTC Stalls; What Analysts are Saying

1 day ago
etoro

eToro Nudges Investors Towards Crypto Trading as They Consider Portfolio Diversification

1 day ago
5 Projects Bringing Institutional-Grade Products to Crypto

5 Projects Bringing Institutional-Grade Products to Crypto

3 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.