Bitcoin

Bitcoin Network is 8 Times More Powerful Than It was at its Peak $20k in 2017, Says New Data

Despite prices falling down to about half of what it was at the peak, Bitcoin has become eight times more powerful network since 2017, say new hashrate data. As per Blockchain.com’s new data, Bitcoin hashrate touched the 79 trillion tera hashes per second on July 20, breaking the previous all times high of 70 trillion TH/s.

Tera hashes denote the computing power of a network spent on its security. Simply put, the higher the TH/s rate, the powerful a network is. Quite expectedly, apart from being the most dominant force in the market, Bitcoin also happens to be the most powerful one. In fact, It has been breaking the all-time high multiple times in the last few months. In the last one month itself, the hash rate has exceeded the highest thrice, on June 21 (65 trillion TH/s), July 1 (70 trillion TH/s), and the latest on July 20.

Nonetheless, the rate has come down in the last two weekend days and is currently reeling at about 67.1 trillion TH/s, while still maintaining an average upward trend. Though 2017 was an unthinkable bull run for the industry, the heavy bears of 2018 almost killed the market, which started recovering only after February this year. Despite, still behind just at the halfway mark from its all-time high price, Bitcoin has managed to become a more powerful network, which indicates that current trends in the market are more substantial than 2017.

Although Bitcoin has fallen to about $10,400 from the quarterly high of $13,800, the market continues to grow, and the prices, as some crypto pundits suggest, are getting stabilized at around the $11,000 mark before a bull run. Many consider that the bull run would take the Bitcoin price to a newer all-time high, breaking the $20,000 barrier to reach an expected $40,000 mark.

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Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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