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.

Coinbase 4

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.

Bitcoin’s hashrate hits new high as market dominance falls 3
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bitcoin
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bitcoinBitcoin (BTC)
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin38,243 0.87 % 0.83 % 2.13 %
Ethereum2,512.0 0.92 % 0.65 % 9.57 %
Tether1.010 0.28 % 0.34 % 0.10 %
Binance Coin324.00 0.40 % 0.56 % 3.35 %
Cardano1.350 1.02 % 3.67 % 5.68 %
XRP0.7074 0.83 % 1.02 % 10.14 %
USD Coin1.000 0.04 % 0.27 % 0.09 %
Dogecoin0.1971 0.56 % 0.77 % 3.62 %
Polkadot17.51 1.24 % 1.52 % 22.24 %
Binance USD1.000 0.23 % 0.56 % 0.33 %

bitcoin
Bitcoin (BTC) $ 39,155.00
ethereum
Ethereum (ETH) $ 2,620.01
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 330.30
cardano
Cardano (ADA) $ 1.36
xrp
XRP (XRP) $ 0.720512
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.199582
polkadot
Polkadot (DOT) $ 18.50
binance-usd
Binance USD (BUSD) $ 1.00