News

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 Tweeted:

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:


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Shrikar Parashar

Shrikar is a Blockchain evangelist. He is a die-hard fan of security tokens. He follows the market closely but does not trade. He believes in Hodling.

Share
Published by
Shrikar Parashar

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

4 weeks ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

2 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

3 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

3 months ago