The difference between the price of bitcoin and its hash rate or the total computing power of the network could lead to an increase in the price of the largest digital asset.
Historically, these divergences have occurred only a few times in the past three years. In some cases, the bitcoin price bottomed during these events before rebounding as the market caught up with the rising hash rate, which rises and falls on the network depending on how many miners' mining computers validate transactions online.
In line with this pattern, Bitcoin has shown signs of recovery, gaining around $9,000 since bottoming out on September 6. This divergence between Bitcoin's price and its hash rate began to take shape in July and then continued into early September, when the network's computing power reached an all-time high of 693 EH/s on its seven-day moving average, while Bitcoin's price approached $54,000.
Analysis: Bitcoin price and hash rate divergence could set the stage for a potential rally
2024-09-20 18:41:23
Bitcoin price its hash rate network total compute capacity differencedesk3cryptocurrencydesktopCrypto News
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