The Bitcoin network hashrate sets new records

On Saturday, the Bitcoin network’s hash rate reached 248.11 million terahashes per second. Simultaneously, bitcoin as a currency reached a high of $45,000 before plummeting.

Over the weekend, the Bitcoin rate remained above the $41,500 resistance level. Regrettably, it had previously dropped from $46,000, and this move occurred as the Bitcoin network’s hashrate reached new highs.

Bitcoin network hashrate

Bitcoin has risen in value this month after falling to a one-year low of $33,000. It broke through the resistance levels of $38,000 and $41,500. This occurred during the first week of February. BTC has hit a monthly high of $46,000, a level last seen in the final weeks of 2021.

Unfortunately, the price is now slightly higher than $ 42,000 once again. This is 0.3 percent lower than the previous day and 1.3 percent lower than a week ago.

The Relative Strength Index, or RSI, showed a reading of 39 today, indicating the end of the weekend decline and the continuation of the upward trend to $ 48,000.

The Relative Strength Index (RSI) is an indicator that measures the magnitude of price movements. At 70, the asset is considered “overbought” and may begin to correct; at 30, the asset is considered “oversold,” which may be a reason for an increase.

According to data from analytics tool YCharts, the hashrate reached new all-time highs over the weekend. A Bitcoin network’s hashrate measures the computing power needed to mine blocks.

Compared to last week’s 180 million terahashes per second (TH/s), the hashrate reached 248.11 billion on Saturday. According to the data, it is currently at TH/s209.63 million, down 15.51 percent over the last day.

Read Also: Ethereum transaction fees have reached an all-time low

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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