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Despite stagnation in the Bitcoin market, the hash rate of the leading cryptocurrency has grown stronger and stronger.
The hash rate is the measure of the computational power being allocated to mine BTC blocks.
As noted by CoinCorner’s Matt Ward, data shows that the hash rate just hit a new all-time high on July 13th.
The measure hit 147.88 exahashes per second, which is double that seen a year ago and over 10 times higher than that of 2017’s $20,000 high.
“Bitcoin hashrate just reached an 𝗮𝗹𝗹 𝘁𝗶𝗺𝗲 𝗵𝗶𝗴𝗵. The 𝗵𝗶𝗴𝗵𝗲𝗿 the hashrate, the more 𝘀𝗲𝗰𝘂𝗿𝗲 the network is.”
This indicates that Bitcoin is more secure as a computational network than ever before, even though the market has flatlined.
But what effect will the booming hash rate have on the price of BTC?
According to Bitcoin investor and the co-host of the Keiser Report, Max Keiser, BTC is likely to follow the hash rate higher.
In a series of tweets published on July 13th, Keiser cemented his sentiment:
“Hashrate precedes price BTC. Bitcoin price – not that important – as Gold price is not that important since both BTC and Gold trade inversely with the USD. BTC hashrate increasing shows confidence in fiat money collapsing Soon, BTC will actually be drawing energy away from fiat.”
As a pertinent aside, Keiser previously said that he thinks 99% of all the hash rate in the crypto industry will soon be allocated to Bitcoin.
This sentiment has been corroborated by other investors.
Charles Edwards, a digital asset manager, unveiled the “Energy Value” model for the BTC price in December of 2019.
The premise is that the “value of Bitcoin is a function of its energy input in Joules.
The formula he created was then accurate, with his analysis indicating it has had an 80% R2 value over Bitcoin’s lifespan.
The same model predicts that BTC is currently around 28% undervalued. With the high accuracy of the model, should Bitcoin’s hash rate remain this high or continue to grow, the BTC price will eventually follow.
In other trending Bitcoin News today:
7 Crypto Assets Making Huge Moves As Bitcoin (BTC) and Ethereum (ETH) Prepare for Breakout, Says Analyst Nicholas Merten
Crypto analyst Nicholas Merten says the crypto markets are gaining momentum.
On a new episode of DataDash, Merten looks at digital assets in the 100-200 rank by market capitalization and points to a few that are making big moves.
“The excitement’s happening. We’re seeing a lot of plays starting to make 10, 20, 30% moves in a single day, and this is the kind of sign here of a reversal pattern in cryptocurrency markets.
Optimism starting to show… Request Network up 26.6%. Band Protocol, a competitor within the Oracle space, up nearly 18%. Ocean Protocol [up] 14%. Haven Protocol, another one that many people have been talking about, up 13.69%.
And also things like Theta Fuel, Elastos and Unibright all up in double-digit territory. So this is really exciting to see.”
Merten is also bullish on Bitcoin (BTC), predicting a sharp move to the upside for the crypto king and for Ethereum (ETH) “in the next month or so.”
“I really do think you’re going to see Bitcoin above $10,000, you’re going to see ETH above $300, and you’re going to see a ton of altcoins continue day by day in this case to continue making double-digit returns into the month of August.”
Back in April, Merten said he believes $100,000 is a practical price target for Bitcoin’s next long-term cycle.
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