The Bitcoin blockchain has set a new record this week – the network computing power is hitting new highs, but the technical health of this cryptocurrency is not as good as its lower price.
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Bitcoin network computing power reaches 83 quintillion/s
Monitoring network resources and wallet provider Blockchain.com data confirmed that bitcoin computing power reached 83.5 quintillion hashes per second on August 29.
This is the best score for Bitcoin in its 10-year history, and for the first time, the computing power exceeded 80 quintillion hashes per second.
Computational power, also known as Hashrate, refers to the computing power that provides services to the Bitcoin network. The more hashes that can be calculated per second, the more power miners use to process and verify transactions. A higher network hash rate also means better network security, and usually means better spreading the mining rights to more users.
In recent months, the indicator has consistently reached record levels, and its hidden benefits have made it a reason for BTC supporters to celebrate.
On Friday, when the bitcoin exchange rate against the US dollar fell by 8% due to a sudden loss of support, RT host and Bitcoin “bull optimist” Max Keiser were encouraged by the data.
Bitcoin market share has hit a new high since March 2017
Keiser also pointed out that Bitcoin has a high share of the total market value of cryptocurrencies. According to some indicators, this percentage reached 70% this week, the highest level since March 2017.
Keiser concluded on Twitter:
"The bitcoin hash rate has reached a record high, because the coin is dead, and the player has strategically positioned himself before the BTC returns to 85% of the dominant position."
The prosperity of Bitcoin is at the expense of the competition currency.
The rise of Bitcoin has indeed cost the competition coins. For Keiser, the future of the coin is also bleak – he claims that bitcoin cash (BCH) and BSV are “especially easy” to depreciate further.
At the same time, Ethereum will be halved – certainly not by halving the block reward, but by halving the price.
"ETH will return to $90," he concluded, repeating the warning about this biggest coin earlier this week.
At the same time, the price of Bitcoin has not kept pace with the strength of its network fundamentals. Although this split is not unprecedented, analysts still have reason to be concerned, and several analysts advise traders to take precautions against their positions.
"I do more bitcoin," when the bitcoin price reached $9,600, the popular short-term trader FilbFilb told followers on Twitter. Although Bitcoin has rebounded from a low of $9,350, it is still not enough to restore market sentiment.
"By the sword to survive, die from the sword," he added.
Earlier, Bitcoinist came up with a theory that margin trading was the cause of the sudden turmoil in the bitcoin market. The BTC/US dollar fell by $500 in a few minutes, which is just the latest example of this phenomenon, which is interspersed with periods of horizontal price volatility.