Bitcoin’s hashrate has once again surged to unprecedented levels, marking a notable deviation from historical patterns. According to recent CryptoQuant.com and Hashrate Index analyses, the cryptocurrency has not followed its typical price reduction trend after reaching new hashrate highs.
Traditionally, a surge in hashrate has been met with a subsequent decline in BTC’s price. However, this trend was disrupted after the 15th of September, when a dominant BTC Spot ETF rally propelled the digital currency’s price by over 30%.
Recent data indicates another hashrate peak occurred two weeks ago, presenting a deviation from the usual timeframe and the anticipated price fluctuation. Analysts are eyeing a potential pullback target in the range of $30,000 to $31,500.
Price Resilience: Bitcoin Above $36,000
Meanwhile, the Hashrate Index reports a turbulent week for hashprice, the profitability metric for Bitcoin miners. The community of “ordinal degens” has been actively driving hashprice above $95 per terahash per day, achieving this feat twice in the past week. The cumulative inscription activity has elevated the hashprice to an average of $85.17 per terahash per day, a 4% increase from the previous week’s average of $81.80.
As of the latest update, hashprice stands at a robust $85 per terahash per day. This surge in profitability is likely to contribute to another positive difficulty adjustment for Bitcoin, marking the sixth consecutive week of such adjustments. The inexorable rise in Bitcoin’s hashrate is reflected in all-time highs for both the 7-day and 30-day averages, reaching 480 EH/s and 465 EH/s, respectively.
With approximately six and a half days until the next difficulty adjustment, the current forecast anticipates a 3.27% increase. However, this continual uptrend in difficulty has not dampened Bitcoin’s market price, which remains above $36,000. The ongoing rally, coupled with sustained inscription activity, could ensure that miners maintain comfortable profit margins despite the challenges posed by the all-time high difficulty.
However, each day with hashprice above all-time lows is considered a positive sign for miners navigating the evolving dynamics of the Bitcoin network. The market’s resilience in the face of increased difficulty levels adds an intriguing layer to the ongoing narrative of Bitcoin’s journey through the volatile world of digital assets.
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