Sunday, January 24, 2021

Bitcoin’s Hash Rate Just Hit a New All-Time High

According to the information made available by Rhythm, a Bitcoin-centric Twitter user, the hash rate of Bitcoin, the largest cryptocurrency by market capitalization has just hit its new all-time high of 111,000,000,000,000,000,000 hashes per second.

Rhythm shared thus, “BREAKING: Bitcoin’s hashrate just hit a new all-time high. 111,000,000,000,000,000,000 hashes per second.”

A hash rate can be described as the measure of miner’s performance. It can also be termed as the speed at which a miner solves the Bitcoin code

Pre-Christmas Eve Favorable for Bitcoin

Pre-Christmas eve has welcomed goodness into the camp of cryptocurrency community members especially Bitcoin. The last 24 hours has been favorable for Bitcoin in terms of market price trend. Before the recent uptrend, BTC was preoccupied with incessant downtrends. The past few months have been notable for such trends.

The price action consistently exhibited by BTC before this recent uptrend makes the chance of seeing more price dips feasible than incredible uptrends.

However, Bitcoin started showcasing the signs of a possible price uptrend, some days to the widely celebrated festival, Christmas.

Eventually, the bulls showed there concealed strength for recovery after bears’ usual but unfavorable impact. BTC surged by about 7% in quick succession a few hours ago. The uptrend took the digital currency to break above $7,500 resistance level.

At the time of filing this report, BTC is trading at $7,451.93, with 0.27% price increase in the last 24 hours. Previously, Bitcoin was struggling with $7,000 support level, but it has since moved a bit above the price level. However, there is no assurance that the BTC will maintain the same trend as 2019 Christmas becomes history in a matter of hours from press time.

Bitcoin Predictions in the Past and Now

Despite the lackluster performance consistently displayed by Bitcoin, some prominent traders and investors such as Tim Draper, the founder of Draper University remain resolute to their exorbitant price predictions.

Sometimes ago, Tim Draper predicted that by the end of 2022, 1 BTC will be priced at $250,000. The mathematical formula behind his forecast is more like that of John McAfee, the cybersecurity guru, and cryptocurrency enthusiast, who predicted even more substantial price for Bitcoin by the end of 2020.

The United States 2020 Presidential candidate McAfee predicted that Bitcoin would be priced at 1 million US Dollars by the end of 2020. The 73-year-old McAfee promised to eat his di*k in front of the whole world on national television if his prediction for the price of BTC eventually fails.

As for Tim Draper’s prediction, Tone Vays, a popular and experienced trader claimed to have a contrary opinion. Recently, after Draper exhumed his long-forgotten prediction, Vays claimed that the 250,000 US Dollars for Bitcoin in such a time interval is impossible. However, he claimed $50,000 for BTC is more feasible for the ending of 2022.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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