Bitcoin (BTC) showcases an impressive rise in hashrate and mining difficulty, signaling a possible bullish trend.
Bitcoin Hashrate Hits New Record
The Bitcoin (BTC) network, the largest cryptocurrency network, reached a new hashrate record. Today, following a remarkable overnight spike of 25.3%, it reached 925 Eh/s (quintillion hashes per second). This is the highest level ever observed for this metric in all of Bitcoin's (BTC) history.
Mining Difficulty on the Rise
Bitcoin mining difficulty is also set to reach a record-breaking value in tomorrow's adjustment. It is expected to gain 4.17% and surpass 95.88 T. This reflects the growing network activity, as it currently processes blocks 40 seconds faster than expected.
Signs of a New Bull Run
The Bitcoin (BTC) price made a comeback in recent days. On October 21, 2024, in the morning, it reached $69,500, the highest level since mid-June. This led to increased optimism among investors, with the Fear and Greed Index reaching 72 out of 100, indicating strong greed.
The rise in Bitcoin's hashrate and mining difficulty may signal the start of a new bullish trend, given the positive price momentum.