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More Hashes than Stars in the Sky: Bitcoin (BTC) Hashrate Hits 52 Quintillion

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The hashrate of the Bitcoin (BTC) network has set up a new record a few days ago, by hitting the amazing 52 quintillion hashes per second. As BTC technical support continues to improve and develop, the industry commentators choose to encourage and congratulate Bitcoin on the achievement.

Bitcoin’s new hash record

According to recent data from Blockchain, it would seem that the hashrate of Bitcoin managed to reach as many as 52 quintillion hashes per second. This is the first time in the history of Bitcoin that a crypto has reached such a large number. In fact, the number is so large (52,000,000,000,000,000,000) that it is pretty hard to even imagine it. One Twitter user tried to put it into perspective as he shared this news.

Obviously, this is a huge achievement, and it shows that Bitcoin’s efforts on accelerating and improving the hashrate are not in vain. In fact, the growth of hashrate has even become one of the biggest characteristics of this crypto in 2018. The increase of hashrate only in the last three months has improved significantly, by more than 60%. The last hashrate report came in June, and back then, it was 43 quintillion, so the progress of this aspect of the leading crypto is more than obvious.

How does this affect the sellers?

When hashrate reports came in June, one of the biggest crypto proponents, Max Keiser, who is also a host of Russia Today, stated that he believes that the price is bound to increase due to this technical improvement. According to him, the price will definitely follow the hashrate. It turned out that he was right, and Bitcoin’s price against the US dollar went up by 15% only a few days later.

After the recent price surge due to ETF expectations, Bitcoin once again saw the drop which came as a consequence of the SEC’s decision to postpone the decision making. Because of this, many are wondering whether the new hash report will be enough to start another bull run.

Philippe M. Heilberg, AIG commodity division’s former head of global emerging markets, has started wondering what would the sellers think even if BTC’s price goes up by as little as 10%.

Bitcoin has had a lot of significant ups and downs recently, and many of the increases have been false alarms. Even so, it would seem that the overall faith in Bitcoin being the coin of the future remains strong in many investors and crypto enthusiasts.

Additionally, the ICE, which is a parent company of the New York Stock Exchange, has announced a large BTC-related project recently. The project has got a lot of people excited, especially when ICE announced that it will be collaborating with some major firms like Microsoft and Starbucks.

The project in question is to bring a new crypto platform, Bakkt, which is to go live by November of this year. With all of this going on, a lot of people believe that Bitcoin’s price has already reached its bottom and that it can only go up from here. Obviously, a lot has been going on recently, and it is anyone’s guess what will happen next. If one thing is certain, however, it is that we are still not done with the excitement regarding Bitcoin and that many new developments are waiting in the following months.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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