Bitcoin Hash Rate Nears All-Time High Rate Yet Again as Price Parabola Puts BTC at $11,000 in June
- Bitcoin settles over $6 billion of transactions each day now
- Bitcoin hash rate during upwards, climbing to ATH from 2018
- BTC price could go to $11,000 in June
Bitcoin price is currently trading at $8,002 with 24-hours gains of over 4 percent. The leading cryptocurrency has been showing strong bullish potential since last month when BTC price went above $4k to cross $8k this month.
Talking about the short term bullish potential, founding partner of Adamant Capital Tuur Demeester who says “we are in a bull market,” shared a 2019 chart of Bitcoin price where it shows how between mid-December 2018 to early February 2019, BTC price rose 8 percent.
Then in the second half of February and mid-March, Bitcoin saw a rise of over 17 percent and then 31.50 percent surge in late March and the entire April.
Per the parabolic curve drawn by Demeester, till now, in May we have seen gains of 47 percent. Following this curve, we could see Bitcoin going to $11,000 before mid-June.
— Tuur Demeester (@TuurDemeester) May 23, 2019
As for the bearish alternative, Demeester had shared that Bitcoin could be breaking down into a more sustainable pattern as in the short term, it could be a double top. He further stated,
“For parabolic moves to be sustained, momentum is of the essence.”
BTC parabola 4h log chart. Moment of truth approaching, we have to break up soon to keep momentum going. Otherwise the party is over. pic.twitter.com/ANAWNHZsVm
— Tuur Demeester (@TuurDemeester) May 16, 2019
Bitcoin Network Hash Rate Also Moving Upwards
As Bitcoin price recovers, the hash rate of the network is yet again on the rise, and close to reaching the all-time high (ATH) set in 2018.
Once again, the #bitcoin network hash rate is nearing its all time high, which was reached in 2018. More charts and tools are available on our website: https://t.co/Lz4dDtOWGg pic.twitter.com/2WZgpn7YV5
— TradeBlock (@TradeBlock) May 23, 2019
As per the data provided by Bitinfocharts.com, in August 2018, the Bitcoin network recorded a hash rate of 61.8 Th/s. On May 2nd, we came close to this as we reached 58.1 Th/s and after dropping to 43 Th/s, we are back again on the rise going to 56.3 Th/s on May 23rd.
As of #Bitcoin block 577.500 the 4 less used nonce areas (4 white stripes in chart on the right) are still there, probably indicating no change in dominant mining hardware. Difficulty slowly rising, but still 10% below Oct 2018 ATH. Will difficulty or price set a new ATH first? pic.twitter.com/ljj6X4HrBz
— PlanB (@100trillionUSD) May 24, 2019
Bitcoin Settling Over $6 Billion of Transactions Each Day Now
Meanwhile, transactions settled by Bitcoin network each day is also rising to $6 billion per day. Bitcoin enthusiast Kevin Rooke took to Twitter to share this stats along with answering how does BTC volume actually compare to America's top payment networks.
Just 10-years old, Bitcoin does very well in comparison to the much older alternatives like MasterCard, and Visa and way better than the American Express.
When it comes to Square, founded by Jack Dorsey, CEO of Twitter and a Bitcoin proponent which was founded in 2009 as well, Bitcoin does even better. What’s interesting is square is making plans to improve money through Bitcoin and is all set to hire its first dedicated employee for its Square Crypto. Additionally, Square’s mobile payment service, Cash app actually allows one to buy and sell Bitcoin.