Bitcoin passes the $99,000 mark with over $1 trillion in market value and an increase in network security. The hashrate powering the Bitcoin network reaches a historic milestone accompanied by a record breaking increase of its own, the result of the gigantic computational power that now secures the cryptocurrency network.
The metric of total computing power used by BTC miners, or hash rate, reached new highs. The surge also highlights the growing number of miners who participate in a network that is becoming more resilient.
The hashrate dipped briefly after Bitcoin’s most recent halving event in April for cryptographic coin, CryptoQuant reports, but has steadied up in July with cryptoken miners upgrading equipment.
Bitcoin ETFs Attract Billions, Boosting Market Sentiment
To prevent its internal supply from becoming too available, Bitcoin’s new creation is cut in half every four years, a process called ‘halving’ that takes place on node in April. Initially, this event ‘pressure’ miners, however, the advances in mining technology and the optimism in the market have countered this trend.
Bitcoin rose above $99,000 on Thursday to also have its longest streak of gains in a row, hitting up to $99,500 before settling down a touch. According to CoinMarketCap data, the cryptocurrency is currently pegged at just over $97,569 at the time of writing. The rally is attributed to a mixture of technological, regulatory and market driven factors, according to analysts.
However, Gary Gensler’s resignation as SEC Chair, effective 20 January, was one of the biggest boosts. But under Gensler’s tenure, cryptocurrency was under strict enforcement action and his departure is lifting market sentiment. The introduction of Bitcoin focused option in U.S. exchange traded funds (ETFs) has attracted massive inflows.
Recently over $6.8 billion has poured into BTC ETFs, practically respectively putting assets over $100 billion. Meanwhile, corporate interest remains strong, with MicroStrategy signaling more to be added to Bitcoin balances. And in the U.S. there’s also mining activity on the rise, taking advantage of favorable regulatory and market conditions.
The latest successes for Bitcoin reveal that it is now a solid asset and further instills confidence that it will play an important role in the global financial system.
