📈 Why Did Bitcoin ($BTC ) Hashrate Spike 10% in a Single Day?
The Bitcoin (BTC) hashrate often portrays the demand and potential price performance of the cryptocurrency.
Interestingly, the hashrate spiked nearly 10% (9.91% to be exact) in the last 24 hours alone, signaling an important milestone happening in the crypto market.
Let’s discuss why this is up and what it indicates for the BTC price.
According to Bitinforcharts, the Bitcoin hashrate surged 9.91% today and 23% in the last three days, reaching a high of 913 EH/s. A rising BTC hashrate is the direct indication of the increasing miners’ activity fueled by the confidence in the digital asset.
More importantly, it also suggests that mining equipment is getting deployed more, despite the earlier concerns of reduced mining activity due to halving. The Bitinforchart stats revealed that it has been constantly above 700 EH/s for the last three months.
However, it has also reached occasional highs of 1,000 EH/s on a few events. Not only could this influence the security and decentralization of the blockchain network, but also the Bitcoin price to some level.
Bitcoin is currently trading at $94.6k, despite setting the ATH at $109.1k at the beginning of the year. Amid the Trump-China trade war, the BTC price suffered significantly before making a recovery in recent times.
Experts cite the BlackRock $1 billion Bitcoin buying, ETF inflows, increasing adoption, and the BTC hashrate surge for the recovery.
Experts like Dave the Wave have predicted the BTC price hitting $200k by 2025 end. Recently, BitMex founder Arthur Hayes predicted Bitcoin to hit $1 million by $2028.
Overall, the Bitcoin price predictions indicate the bullish trajectory of the token despite the slumps.