Bitcoin hash rate and mining difficulty have always correlated with its price. This is because the hash rate increase indicates activity in the blockchain and in simple terms, adoption. With mining difficulty, this means that there is a little reward, creating.scarcity. In recent weeks, this has been playing in favor of holders. The two have reached record highs which indicate a huge move is on the way.
Recent data indicates that mining difficulty has reached 11.89 trillion, an all-time record. Mining difficulty is also knocking at all-time highs reaching 90 EH/s. Some traders have been noting that the recently recorded hash rate is 20 times higher than the one recorded during the price peak of 2017. Prices have however not caught up making current ranges perfect buys. The asset is still 50% below all-time highs. The asset is expected to reach its all-time high of $20K before the end of the year but bullish sentiments have gone down in recent weeks with the asset failing to climb above $11K.
With mining difficulty and Bitcoin hash rate, this is not expected to fall anytime soon. They will continue going up and boosting Bitcoin prices.
Bitcoin Hash Rate Hits The Roof And Screams Bull Run
The new records have comes as a result of mining becoming more popular. Bitcoin hash rate has in the past indicated where prices are headed, with highs signaling a bull run.
If this is anything to go by, the asset could be preparing for an explosive move in the coming weeks.
The increasing mining activity is also in response to the upcoming halving in 2020. Miners will be accelerating their activity and accumulate as much as possible in anticipation of a rally to new highs.
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