Bitcoin’s hashrate hits new high as market dominance falls

Bitcoin’s hashrate has spiked to 129 EH/s, the highest level it has ever been, whereas market dominance for the king of crypto has fallen below 60%

As of writing, Bitcoin’s network security is at its highest level ever. This is because the hashrate (overall computational power that keeps the network secure) has hit a new all-time high, peaking at 129.1 EH/s.

blank
Bitcoin’s hashrate chart. Source: Blockchain.com

The latest surge in hashrate adds to the fundamental strength of the Bitcoin network. The metric dropped to 120 EH/s earlier this month when BTC/USD broke above $11,000 and tested resistance at $12,000 (so far this has only happened on three occasions).

Because of the increased miner activity, the total computational power on the top cryptocurrency’s network is now up 76% since August 2019, adding to the overall health of the blockchain.

In other words, the market is positive about Bitcoin, something that could be a catalyst for further upsides in price.

While hashrate has increased significantly, CoinMetrics suggests that the network is also primed for a positive adjustment in mining difficulty to take it to a new high. Bitcoin is expected to see its mining difficulty increase by 3.98%, which will consequently mean that miners will have to use a little more power to process a block.

The current difficulty level is 16.95 T, with this expected to rise to 17.62 T in about six days.

Bitcoin dominance drops to 58.4%

Bitcoin’s dominance in the market has seen further decline, with a rally among major altcoins cutting the overall market cap dominance for the top cryptocurrency to 58.4%. According to data from market aggregator CoinMarketCap, Bitcoin has a market cap of $218 billion, with the overall cryptocurrency market cap currently standing at $373 billion.

Bitcoin’s dominance index. Source: CoinMarketCap

BTC/USD rose to $11,994 before reversing to trade around $11,800 as of writing. This hasi caused market dominance to remain below 60%, which is its lowest level since June 2019.

Bitcoin’s failure to sustain gains above $12,000 means the price of the benchmark cryptocurrency saw a negative candle at yesterday’s weekly candle close.

Subscribe to the E-Crypto Newsletter

Sign up to the best of Crypto, Blockchain and Future Trends news.

Invalid email address
We promise not to spam you. You can unsubscribe at any time.
bitcoin
Bitcoin (BTC) $ 34,845.00
ethereum
Ethereum (ETH) $ 1,203.16
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 17.94
ripple
XRP (XRP) $ 0.274976
cardano
Cardano (ADA) $ 0.365512
litecoin
Litecoin (LTC) $ 141.51
bitcoin-cash
Bitcoin Cash (BCH) $ 474.11
chainlink
Chainlink (LINK) $ 20.65
stellar
Stellar (XLM) $ 0.298718