Bitcoin Hash Rate Jumps Over 27% to Hit a New ATH as BTC Price Rebounds
- Bitcoin network stronger than ever, hitting the peak at 136.2 Th/s on March 1st
- After losing 16% of its value last week, Bitcoin price moves above $8,800 just as gold jumps after seeing its biggest daily decline on Friday since July 2013
Crypto market might not be feeling active but the bitcoin network is stronger than ever.
The hash rate of the bitcoin network is not stopping, it hit a new all-time high (ATH) on March 1st, 2020 at 136.2 Th/s as per Blockchain.com. This peak came with a huge spike of over 27%.
The last peak was noted on Jan. 29 at 123 Th/s while the hash rate has been keeping above 90 Th/s since late Dec.
The hash rate of the bitcoin network has been surging since Dec. 2018, when the price hit the bottom as well. It’s been a year and over two months that the hash rate has been only on the up and up notwithstanding the price of the digital asset.
According to crypto data provider, the mean hash rate (one day MA) is at 138,224,890,922,504,601,600 which has broken the previous ATH observed on Jan. 17.
This jump in the hash rate came while the bitcoin price hasn't been faring well. Last week, BTC/USD lost 16% of its value however, today we have recorded greens by 2.40% as we trade above $8,800.
Bitcoin, however, hasn’t been the only one falling just like the stock market. Traditional safe haven gold also plunged 4.5% on Friday, seeing its largest daily decline since June 2013, as investors tried to get hold of cash.
“Investors are selling anything with a bid and running for cover, and that includes typical hedges like gold,” said Brien Lundin, editor of Gold Newsletter.
Similar behavior was seen during the 2008 financial crisis and as soon as central banks stimulus came, investors started buying gold which led its prices to more than double.
Spot gold is up 0.8% at $1,596.94 an ounce and US gold futures rose 2%. Central banks signaling to “act as appropriate” is working in gold’s favor and looks like Bitcoin’s as well.