The total computing power of bitcoin mining equipment has increased to values last November.
To date, Hasrat reached the level of 50 CS/s. The growth of this indicator shows the network connection of new devices for the extraction of BTC.
According to some experts, this is a positive signal for prices of cryptocurrency, as miners bet on its future growth.
Price follows hashrate and hashrate chart continues its 9 yr bull market. #Bitcoin pic.twitter.com/Rh49V9gaJw
— Max Keiser, tweet poet. (@maxkeiser) August 8, 2018
“Price follows hasraton. Schedule the last nine years continues the upward movement,” said the TV host and former trader Max Keiser.
However, some experts kriptonyte convinced that the growth Hasrat — ambiguous signal to the market. So, according to technical Director of a startup, Casa jameson Loppa, miners are guided by speculative interest with regard to future prices.
Hashrate follows price. Some folks believe price follows hashrate, possibly because hashrate doesn’t simply track ~spot~ price, but rather some tracks ~speculative~ future price. Miners are speculators too!
— Jameson Lopp (@lopp) June 23, 2018
“The miners are also speculators!”, — said Lopp.
Thus, the veteran kriptonyte suggests that in the future miners can exert serious pressure on the price of “digital gold”. This hypothesis is supported by other experts.
The volume of transactions
Steadily growing and the volume of transactions in the bitcoin network, which has already reached marks the first half of January 2018:
Then, just over a year ago, the market capitalization was high, and bitcoin was still trading much above $10 000.
If we compare the high-current performance on blockchain activity with the bitcoin price, you can come to the conclusion that the cryptocurrency might slightly undervalued and trading below fair value. This thesis is confirmed by the data of the indicator MVRV (Market Cap versus Realized Cap), which shows the ratio of market capitalization to sales:
The MVRM value below $ 1.0 tells about the undervaluation of bitcoin. If the indicator value is higher than 3-4, the asset is significantly overvalued. Now the value of the MVRM at around 0.77. It says that the asset is oversold and should soon be followed by the restoration of its price.
It should be noted that historical minimum indicator was recorded in January 2015 at the level of 0.56. Therefore, there is a space for further declines before the bullish rally price may fall in the short term.
Also note that some of the bitcoin transaction is ofchan, for example, in networks of the second level Lightning Network (LN). According 1ML, LN operates with over 6000 nodes, 24 thousand of payment channels and the capacity of the network exceeds 659 BTC ($2.4 million):
Protocol Lightning Network helps address the scalability issues of bitcoin, making anonymous payments and reduces transaction costs of users.
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