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

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