The Bitcoin network has set a new historical mining hashrate record as the market prepares for next year’s halving.
hashrate for Bitcoin A record high was reached on Saturday, reaching 543 EH/s at 8:00 am GMT. This surpassed the 525 EH/s recorded on October 7 and 10. Current highs put the Bitcoin network in perspective, especially when the market anticipates it halving event Expected in April 2024.
Bitcoin’s hashrate is a number that estimates how many hashes Bitcoin miners generate when solving computational problems to create blocks. Hashrate is generally a measure of the difficulty required to create a block. When the hashrate is higher, the network is more secure and less likely to be compromised by hackers trying to alter transaction data or double spend.
A higher hashrate usually has a positive effect on the price of Bitcoin. An increase in hashrate improves the security of the network, which can increase investor confidence and then increase demand for Bitcoin. This set of events pushes prices even higher.
According to CoinMarketCap data, Bitcoin is trading at $34,505 after climbing 12.76% over the past 7 days. In the last month, King Coin has increased by approximately 28% and more than 100% year to date (YTD).
Predictions about Bitcoin’s bullish price and hashrate record trajectory
As the market anticipates a decline in Bitcoin prices amid the bullish trend, positive projections have come from many quarters. For example, financial analyst CryptoCon predicts that Bitcoin will reach $45,000 by November. In a thread posted on X (formerly Twitter), CryptoCoin stressed that there is plenty of room for a spike despite other expectations pointing towards a retracement in the short term.
There are also a number of bullish predictions, many of which are based on the potential approval of a spot Bitcoin ETF. Although the United States Securities and Exchange Commission (seconds) have not yet approved a spot Bitcoin ETF, with most analysts believing it is only a matter of time.
Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital Said Bitcoin’s market value could increase up to 11 times if it gets approved recently. Scaramucci said:
“Think of the horror of that. If there were a hundred billion dollars of inflows into Bitcoin, the people at Fidelity think that could have an 11x factor in terms of valuation, so you could see Bitcoin go from a $600 billion asset to a $6 trillion asset.
Another optimistic prediction came from a popular investor and entrepreneur named Lark Davis. one in september Post On X, the analyst cited projections that suggested a Bitcoin ETF would attract up to $30 billion. He said the money would buy “about half of all coins on exchanges at current prices.”
To reinforce his point, Lark Davis added an image showing a chart of gold’s trajectory since the first gold ETF was launched in the US. The chart saw a rise of more than 360% since approval in 2004, with analysts wondering whether history might repeat itself.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to strip down the secrets of crypto stories to the basics so that anyone anywhere can understand without too much background knowledge. When Tolu is not deeply immersed in crypto stories, he enjoys music, loves to sing and is an avid film buff.
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