The most capitalized cryptocurrency started the week with a positive movement. At press time BTC is trading at a level of $ 10,373, which is equivalent to a daily growth of 0.23%. According to CoinMarketCap data, other TOP-10 cryptocurrencies, also demonstrate a positive movement, excepts Binance Coin.
Note, the Bitcoin hashrate has increased by 60% over the past 3 months. A similar indicator shows that about 600 thousand powerful mining hardware have joined the cryptocurrency network over the indicated period of time.
According to most of the crypto community, the growth of the hashrate does not directly affect the price of the cryptocurrency. Therefore, following the high-performance indicators, the value of an asset should be in the track of the hashrate movement.
This opinion is based solely on the previous growth of Bitcoin and hashrate over the years. He talks about what has already happened and hopes that this will continue in the future.
Although, other commentators are confident that constant records will ultimately lead to the beginning of an active fall in market prices.
Bitcoin Is Close To Upside Breakup To Open Opportunities For A Further Growth
Against the backdrop of an increase in the hashrate of cryptocurrency, Dan Tapiero, the cofounder of DTAP Capital, drew attention to the peculiarities of the current position of the BTC rate. In his opinion, cryptocurrency is close to breaking through the level of resistance that separates it from opportunities for further growth at the moment.
Bitcoin chart is very close to upside breakup. Strong close over 10,700 trendline should really accelerate. pic.twitter.com/2BWHjEVxa0
— Dan Tapiero (@DTAPCAP) September 16, 2019
Some participants of the crypto community believe that interested parties have the last chance to purchase BTC at the rate below $ 20,000. Moreover, in their opinion, the cryptocurrency will never drop below the level of $ 30,000 when the BTC halving takes place.
— Bitcoin, Gold, Silver & Geopolitics (@Super_Crypto) September 15, 2019
Such growth needs warrants the bitcoin miners do not want to repeat the fate of the fifth capitalized cryptocurrency Litecoin. Recall that the price of the latter fell by more than a third after LTC halving. The coin is trading at the level of $71.3 at the moment. The large part of LTC miners had to suspend operations to anticipate better days.
At the press time, the approximate date of the halving is May 15, 2020. In less than a year, the reward per block of miners will drop to 6.25 BTC.
Meanwhile, members of the crypto community continue to criticize fiat. Therefore, in response to the tweet of the American president, in which he reflects on the possible negative consequences of the financial policy of quantitative easing, commentators wrote the following:
“That’s why we need bitcoin,” just drawing attention to the superiority of the first cryptocurrency over the difficulties that fiat faces.
Also, users note a gradual decrease in the number of not mined BTC.
“Oil jumps 19% after just 5% of production is removed. What will be the impact on Bitcoin price when 50% of the production is removed?”
A large part of investors considers investments in Bitcoin is promising. Therefore, the value of the first cryptocurrency will be able to increase significantly by the end of 2019.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.