Bitcoin [BTC] posted significant rallies through the week heading for the $6000-mark. The network continued to proliferate as the price rallied surpassing $5,800-level. In a recent development, Bitcoin hashrate has also witnessed a massive increase in the coin’s hashrate. A six-month high hashrate of $58.11 million TH/s was reported according to the data on Blockchain.com.
Bitcoin’s hashrate surged to an all-time high on 27th August 2018 to 61.8 TH/s following which the computational power for validating network dropped to 37.8 TH/s four months later that year. According to the above chart, hashrate gained traction, increasing gradually over the past six months. The hashrate is speculated to have spiked after posting significant upward momentum by Bitcoin following a brief fall back on April. A greater hashrate figure implies a rise in mining difficulty which has been charted below.
In addition to the hashrate, BTC network reached a 15-month high performing 452,616 confirmed transactions on May 2, 2019. Bitcoin’s number of confirmed transactions peaked for the second time after December 2017 when the transaction figures almost touched 500,000.
Despite the brief fall prompted by the controversial Tether-Bitfinex, Bitcoin surpassed $100 billion market cap catapulting the entire cryptocurrency market along with it. After the latest breach beyond $5800-mark, the immediate resistance point for the largest coin which stands at $6000.
Subscribe to AMBCrypto’s Newsletter
Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry
Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.
In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.
The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.
Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.
The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.
At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.
Subscribe to AMBCrypto’s Newsletter