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Despite the recent market crash, Bitcoin (BTC) continues to soar in its fundamentals front. The benchmark cryptocurrency’s hash rate has rebounded from its recent dip and has clocked a new all-time high. Consequently, Bitcoin’s mining difficulty recorded its most significant spike in over seven years to a new all-time high as well.
Hash rate is the measuring unit of the processing power on a crypto asset’s blockchain. Typically, when miners are more on a network, the metric (hash rate) increases, and vice-versa. Also, the higher the hash rate, the more secure and prosperous the underlying network is.
Bitcoin’s hash rate has maintained a steady upward trajectory punctuated by minor dips over the past few years. This growth is primarily the resulting factor from the immense activities of Chinese miners. The most recent decline came in April after a massive power outage in Xinjiang province, a stronghold for BTC mining operations.
Reports show that the BTC hash rate fell significantly from 170M TH/s to 130M TH/s over a few days in April. However, it has rebounded since then to a new record high near 180M TH/s.
As the hash rate cleared a new record high, the mining difficulty got dragged along and saw its highest increase in about seven years (21.5%), according to Glassnode.
Key Bitcoin Levels to Watch — May 13
Bitcoin suffered a heavy loss over the past 24 hours following an unfavorable announcement from Elon Musk. The primary cryptocurrency fell from its $58k daily high yesterday to a $45k low early today.
Following the decline, BTC posted a healthy rebound to the mid-$51k level, where it consolidated for a while. However, Bitcoin appears to have resumed its bearish spiral to the daily low. That said, bulls have lost control as bears pump sell trade volume.
Meanwhile, our resistance levels are at $49,500, $51,400, and $52,500, and our key support levels are at $47,000, $46,000, and $45,000.
Total Market Capitalization: $2.18 trillion
Bitcoin Market Capitalization: $911 billion
Bitcoin Dominance: 41.9%
Market Rank: #1
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