Bitcoin Sees Record Hash Rate, Will The Price in USD Follow To All Time Highs?
Bitcoin Sees Record Hash Rate
For the last few weeks, Bitcoin has been on a road to recovery following an extended bear market which endured for almost six months and has finally broken the crypto winter that led to the closing down of several companies and an atmosphere of pessimism within the general crypto industry. This progress is not limited only to the price of Bitcoin itself but also to the prices of other cryptocurrencies and of course with Bitcoin hash rate. The hash rate is currently at its highest points ever in recent times with reported figured being 62,246,627 TH/s which mirrors the increase of the price of Bitcoin has seen.
Now according to blockchain.com, on June 14, 2019, the hash rate of Bitcoin finally broke its all-time high after previously reading 61,866,256 TH/s on August 28, 2019. Since that time, the price of Bitcoin has grown 5.55% in its price growing from $7,750 to $8,180.08.
Bitcoin is also recording transactions 346,000 each day with the highest daily figure recorded topping 452,000 in May. While the price of Bitcoin has come out of a bear market and maintaining above $8000, it is seeing competition from litecoin which has seen 300% growth in 2019 and is also approaching its next halvening.
The Future Of Bitcoin
There are thousands of cryptos in existence and bitcoin is certainly not alone in the complex crypto market but has seen certain advantages that will enable it to succeed in the future. The first of these is the fact that bitcoin is currently the most popular currency in the world and according to Jack Dorsey, the co-founder of Twitter and Square Inc, bitcoin is still the strongest contender for becoming the go-to currency of the Internet.
However, with the upcoming Libra coin that is to be launched by Facebook, there is debate over whether or not bitcoin can withstand the competition and maintain its dominant position. While Facebook has an inbuilt audience that is in the billions of people, there is some uncertainty within the crypto community as to whether or not the company can be trusted to provide a truly decentralized token considering their previous history of exploiting user data. For some, that only represents an attempt by large corporation to get in on the crypto market while not staying true to the ideals that have been in the market since Inception.
While Bitcoin is a truly decentralized effort and does not necessarily have a big company behind it, it is still seeing adoption throughout the world and appears to be entering its next phase of maturity. If the current figures are anything to go by, bitcoin is increasing growth in popularity due to the increase in transactions orders and is also seeing an increase in its hash rate which can be seen as an indicator of steady progress that could remain into the next decade of its existence. While the market is unpredictable and there are many competitors entering every day, it seems Bitcoin is here to stay.