Bitcoin (BTC) Crosses $12,000, Hashrate Breaks Record
BTC once again concentrated almost all crypto activity to itself, heading to new highs in August.
Bitcoin (BTC) is looking prepared to rally again, as prices broke above the $12,000 mark, just days after pessimistic predictions failed to materialize. BTC broke its ceiling a day ago, bouncing off the recent $9,500 lows, revving up by hundreds of dollars in a day. In only a week, BTC traveled to above $12,000, once again preserving its reputation for being capable of a fast recovery.
After a strong weekend in which BTC prices made the trek to the $11,000 tier, the new week did not come with a sell-off. On Tuesday, as of 10:00 UTC, BTC started another climb that extended to $12,233.90. The rally ended in a flash crash that returned the leading coin to the $11,900 range.
https://twitter.com/Tradermayne/status/1158657738601144320
Immediately, the BTC market capitalization dominated more than 68.8% of the entire crypto market. In the past days, BTC gave bullish signs, including a golden cross of the 50/200 days moving average.
https://twitter.com/LlanoTrader/status/1158385238961205248
In addition to the higher trading activity, Bitcoin’s network sees mining at an all-time peak, above 79 EH/s, breaking the previous record of 78 EH/s. The growth of mining stems from more powerful machines, cheap hydroelectric power, and new miners arriving on the stage as current market prices promise profitability.
The BTC market price broke under its parabolic trend, but there are still hopes of achieving new yearly highs. BTC usually climbs to its peak within days, reaching the records for a short timespan only. The current rising trend remains a bit more gradual, but there are short-term predictions for a price of $15,000.
BTC is rising in the climate of an openly declared trading war with China, as the country managed to devalue the yuan enough to affect its competitiveness on global markets. At the same time, Chinese traders are still active, using USDT trading to bypass capital controls and lock in gains, despite the government’s exchange rate policy.