Interestingly, despite nearly 70 percent drop in bitcoin’s value from its all-time high achieved in December, the hash rate of Bitcoin network has increased four-fold from December level
Bitcoin prices have been moving sideways for last two weeks, trading in the range of $6,600 to $6,200. As of Tuesday morning, the cryptocurrency has dropped over 3 percent from the level 24 hours ago.
At the time of publishing this report, bitcoin was trading at $6,285, as per CoinMarketCap. The market cap of the currency, i.e. the total dollar value of all bitcoins, was $108 billion.
Interestingly, despite nearly 70 percent drop in bitcoin’s value from its all-time high achieved in December, the hash rate of Bitcoin network has increased four-fold from December level. On Monday, the network hash rate was 47 million terra hash per second (TH/s).
This implies that despite there is a sharp drop in the value of the cyptocurrency, more machines are mining it now, or, in other words, more machines are involved in validating the transactions on the network.
The second most valuable cryptocurrency, ethereum has also been trading in the range of $170 to $240 in the last two weeks. Incidentally, the currency also touched its year low last week dropping to $170 on September 12. Since then, it has recovered to $200 level.
At the time of publishing this report, ethereum was trading at $200 dropping about 10 percent from level 24-hours ago. Its market cap was $20.5 billion, according to CoinMarketCap.Other major cryptocurrencies were also trading in red. XRP, which is a coin released by payments application Ripple, was down by about 2 percent trading at $0.27. Similarly, bitcoin cash was down by almost 7 percent. EOS was also down by 9 percent in 24-hours trade.