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.

Bitcoin’s hashrate hits new high as market dominance falls 1
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 hashrate hits new high as market dominance falls 2
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.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin58,376 0.36 % 1.96 % 3.53 %
Ethereum4,664.0 1.03 % 7.30 % 13.73 %
Binance Coin628.24 0.52 % 0.95 % 12.19 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana214.37 0.13 % 2.65 % 0.94 %
Cardano1.600 0.45 % 1.51 % 9.74 %
XRP1.020 0.98 % 4.21 % 1.67 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Dogecoin0.2215 0.68 % 1.42 % 7.23 %

bitcoin
Bitcoin (BTC) $ 58,078.00
ethereum
Ethereum (ETH) $ 4,617.47
binance-coin
Binance Coin (BNB) $ 623.67
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 213.75
cardano
Cardano (ADA) $ 1.59
xrp
XRP (XRP) $ 1.01
polkadot
Polkadot (DOT) $ 37.38
usd-coin
USD Coin (USDC) $ 0.99962
dogecoin
Dogecoin (DOGE) $ 0.221351