Bitcoin Network’s Shows Strong Growth Signs; Realized Market Cap, Hashpower and Mining Revenue


Despite price woes, Bitcoin continues to exhibit highly bullish technical fundamentals. This week, Bitcoin network hash rate set a new record, while its share of the overall cryptocurrency market cap rose above 70% for the first time since mid-March 2017.

A crypto trader, Crypto Michael, at the Amsterdam Stock Exchange, recently remarked that the 21-week exponential moving average acted as support throughout the last bull market after BTC tested it January 2016. Indeed, as he depicts in his chart below, Bitcoin had a tendency to fall by 33% to 39% to hit the moving average, then rocket back to fresh all-time highs in the coming weeks.

Regarding Bitcoin’s health Vortex tweeted:

As miners become accumulators the demand-side plays a vital role to determine the operations’ overall profitability. In the absence of demand, miners would need to force-sell their bitcoins at a lower rate. The move would bring the prices down, overall. That also means that miners will shut down their mining rigs, which means a drop in hash-rate.

The latest drop below $10,000 is one of many that have occurred over the past 30 days, with Bitcoin hovering around this threshold since mid-August. In fact, this will potentially be the fifth time that BTC will test the critical support level at about $9,300 which is a level that has proven resilient since mid-June.

REgarding the same, former Wall Street investor Travis Kling says:

“The increasingly erratic U.S. president is yelling at an irresponsible central bank to act even more irresponsibly with its monetary policy, while running a $1 trillion deficit for the second year in a row… Central banks and governments are proving the profound need [for Bitcoin].”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide