Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin (BCH) Sees Record Hashrate
as Price Hits 3-
Month Low
Hashrate is an important aspect of crypto projects that use the Proof-of-Work• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
(PoW) consensus mechanism. While Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) heads this regime, the hashrate
of its 2017 hard fork, Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin (BCH), surged dramatically on July 3.
Questions arose about the cause of the spike. However, BeInCrypto could lay
hands on the rationale as the price moved in the opposite direction.
New Miner Scoops Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin New Supply
According to CoinWarz, the hashrate jumped to 8.54 ExaHash per second (EH/s).
The last time the reading was close to this region was November 2018, when it
reached 7.79 EH/s. Therefore, the new value means it has hit a new All-Time
High (ATH).
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Hashrate represents the computational power miners use to generate new hashes
while trying to solve new blocks on the Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin network. The higher the
hashrate, the more secure the network and the more averse the blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн is to
attacks. Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Hashrate. Source: CoinWarz
Therefore, the recent spike implies that Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin has become healthier .
According to The Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Podcast, a certain miner called “Pheonix” was
responsible for the hike in hashrate.
The podcast mentioned via X , that this miner has been accumulating all the
BCH fresh supply and, in turn, adding to the hashrate. Throwing more light on
the situation, the handle noted that:
“A miner receiving a large chunk of coins (or knowing of others who were)
could be bullish on swaps to BCH (150+:1 BCH: BTC is bullish for OGs
reallocating to BCH) and want to grab an extra supply.”
Read More: 7 Best Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin (BCH) Wallets in 2024
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Despite the rise, BCH s price went the other way. As of this writing,
BCH trades at $357.74. This is a 5.23% decrease in the last 24 hours and the
lowest the coin has reached since March 14.
BCH Price Prediction: It All Depends on Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
BCH s price decline can be attributed to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s plunge within the
same period. This is because of the correlation between both cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.
According to IntoTheBlock, the correlation matrix between BTC and BCH is 0.90.
Typically, the correlation matrix ranges from -1 to +1. Values closer to -1
indicate a strong divergence in prices.
However, when the correlation is close to +1, it means that the cryptos move
in the same direction in many instances. This is the case with Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and its
hard fork. Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Correlations. Source: IntoTheBlock
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On June 10, the daily chart shows that BCH retested the 476.35 resistance.
However, it was at this point that a bearish crossover happened. A bearish
crossover, also known as a death cross, occurs when the longer EMA rises above
the shorter EMA.
EMA stands for Exponential Moving Average, and it measures trend direction
over a period of time. This was the case with BCH on the said date, as the 50
EMA (yellow) crossed above the 20 EMA (blue).
Consequently, Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin bulls could not defend the support at $423.30. In
addition, the price trades below both EMAs, indicating a further decline could
be in the works.
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Read More: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Vs Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin: Which Is a Better Investment in 2024?
Bitcoin Cash• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Daily Analysis. Source: TradingView
If this happens, the price of BCH could drop to $317.19, especially as most
miners remain unprofitable. However, this will be invalidated if Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s
price recovers or rises above $60,000 for a start. Should this be the case,
BCH may rise toward $415.19.
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