Bitcoin price analysis; the network’s hashrate has hit a new all-time high

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Although the price of Bitcoin has been on a notable decline, analysis shows that the network’s hash rate has hit a new all-time high, breaking the 150 TH/s plateaux for the first time. Hashrate is a tool to measure the health of the Bitcoin network. It represents the amount of global hash power which are mining BTC.
Miners are one of the key roles in the Bitcoin ecosystem. Their ongoing allocation of resources despite the recent turmoil in price is considered a positive long-term indicator. However, industrial mining typically doesn’t get affected by short-term price volatility and the business planning in it involves medium to long-term time horizons.
The overall economic uncertainty can be another factor that makes more firms and individuals allocate resources to BTC mining. This activity is often perceived as a hedge against traditional markets.
In a recent interview with CNN, Ruchir Sharma, Morgan Stanley’s head of emerging markets and chief global strategist, talked about the generational divide when it comes to investments. He said that while the older population is sticking with traditional finance, millennials are increasingly opting for the crypto market.
Sharma has assumed that inflation is to come as early as 2021 in the US. He cited several monetary and fiscal measures that officials have taken to deal with the economic fallout of the COVID-19 pandemic.
“There is this lingering feeling out there that given what central banks are doing in terms of printing so much money, there is a search for alternative assets,” he said.
He added that having around 5% of one’s portfolio in gold is “not a bad idea.” Sharma added that it’s wise to choose investments in Bitcoin and other cryptocurrencies.
BTC/USD has gone past $10,300 as the bulls regained control of the market this Thursday, following a bearish Tuesday. The RSI has gone up a little bit and is trending near 40.25 following this bullish price action. The buyers need enough momentum to break past the $10,473.65 resistance level.
Considering the rate for Bitcoin, we might look forward to hearing good news.
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