Bitcoin price tumbles, but this metric just reached a new all-time high


Share:
  • Bitcoin price recently tumbled below $38,300 while hashrate hit a lifetime high. 
  • Meanwhile, the network registered a  massive spike in hash rate. 
  • Analysts at BitMEX believe the rising inflow of capital and miners joining the network implies BTC price could witness a raging bull run. 

Bitcoin price trend has witnessed fluctuations over the past week whilea key mining metric has reached a new all-time high. Analysts are bullish on BTC price recovery as more miners join the network. 

Bitcoin price could witness a recovery on one condition

Analysts at BitMEX recently published a report anticipating that the computational power used to mine Bitcoin, or hashrate, was going to see a massive increase by the end of 2022. Coincidentally, legislators of Fort Worth, Texas, started debating on a bill that seeks to position the city as “crypto-friendly" and "welcoming to the industry." 

The city also aims to lure in "businesses contributing to the development of this evolving technology.”

As big players enter the mining industry, Bitcoin’s hashrate recently hit an all-time high of 247.39 Exahash per second (Eh/s). The new peak indicates that a high number of miners have joined the network for its rewards, which helps strengthen the BTC blockchain against any vulnerability. 

Bitcoin hashrate as of April 26, 2022

Bitcoin hashrate as of April 26, 2022

Interestingly, the rising hashrate also reveals capital inflow in the Bitcoin mining industry, which analysts compare to the gold rush of the 1880s. 

Despite the rising interest in Bitcoin mining, the market value of the pioneer cryptocurrency continues to fluctuate. BTC price dropped below $38,000 on Monday, April 25, as uncertainty grows in the global financial markets, but was able to recover above $40,000 as of Tuesday, April 26. . 

As the Bitcoin network becomes more secure and a higher number of institutions and miners join the BTC blockchain, the sudden price movements are expected to reduce based on historical data.  

@rektcapital, a pseudonymous crypto analyst, evaluated the Bitcoin price trend and observed that BTC is currently holding the 2022 higher low at $40,325 as support. Continued support could push the Bitcoin price to revisit the $43,100 resistance level. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Could Aptos price buckle under pressure and crash 55%?

Could Aptos price buckle under pressure and crash 55%?

Aptos (APT) price is pushing on the red descending trend line to trigger a breakout trade with a rally toward $20.36. The move is an outlier as the downtrend since the beginning of February has not finished one day in the green. 

More Cryptocurrencies News

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano price looks overpriced, 17% nosedive likely for ADA

Cardano (ADA) traders need to face reality as markets are pivoting back toward a sticky inflation story, which contradicts the Goldilocks story that was the driving force in January.

More Cardano News

Luna Classic gears up for recovery after Binance support and latest upgrade

Luna Classic gears up for recovery after Binance support and latest upgrade

Terra Classic (LUNC) formerly known as LUNA is upgrading from its v1.0.4 version to v1.0.5. The world’s largest exchange by volume, Binance has announced support for Luna Classic, fueling a bullish narrative among LUNC holders. 

More Luna Classic News

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

XRP Price Prediction: Will Powell propel Ripple or dampen the 2023 bull rally?

Ripple (XRP) price sees traders front-running the main event for today with Federal Reserve Chair Jerome Powell taking the stage later this evening at 17:00 GMT in Washington.

More Ripple News

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher

Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.

Read full analysis

BTC

ETH

XRP