Bitcoin Crosses $7000 In A Bullish Run, Hashrate Increases 35% In 2 Days
Bitcoin broke through a major resistance of $7000 today with the market cap reaching up to $230 Billion. Bitcoin has a dominance of over 53% currently with a market cap of over $121 Billion.
After being stuck for 20 days in the $6300 to $6700 range for 20 days, Bitcoin finally moved on 28th August breaking the key resistance of $7000.
For an actual bullish trend, it has to hold above $7000 for several days and build a strong support, CryptoSqueeze an analyst on twitter said that the downward trend should break and get a higher high of $8500 for confirmation of a bull market.
The volumes of the entire Crypto market also increased to $12 Billion compared to $9 Billion and lower before. The volume of Bitcoin increased to $4.5 Billion compared to $3.5 Billion and lesser the previous days.
— WhalePanda (@WhalePanda) August 28, 2018
Bitcoin Hashrate Crosses 60 Quintillion
Although we are in a bear market and the prices have taken quite a hit, new miners seem to be entering as the Bitcoin Hashrate has been increasing.
It increased a whopping 35% in 2 days reaching 62 Quintillion hashes per second. It has increased over 50% in August alone and a total of 150% in the past 6 months.
How will it affect the price?
Max Keiser predicts that this translates to a bull market and $28000 is still in play for this year, he said:
Price follows hashrate. And hashrate has been, and will continue to be, in a permanent bull market.
Fundstrat’s co-founder Thomas Lee also is still bullish and expects Bitcoin to hit $25000 this year.
New miners have been entering with maybe different kinds of approaches like renewable energy, one of the reasons why the hashrate hasn’t dropped is because the miners won’t shut down their machines unless it is absolutely necessary and the losses are not bearable which in the price should reflect to below $5000 levels which we have not seen yet.
In the short term, the prices may reflect the hashrate but in the long term, we still need more buyers as what ultimately reflects on the price is the supply and demand.
Max Keiser Tweeted:
Based on my HR analysis, new ATH incoming. $28,000 still in play. pic.twitter.com/hYgPti1cqn
— Max Keiser (@maxkeiser) August 28, 2018
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