Bitcoin’s hash rate reaches all-time high as the coin strides up the price chart

The cryptocurrency market’s longest bearish hold turned around and took Bitcoin [BTC] on a new bullish ride. With Bitcoin’s price reaching old highs, the coin also breached its previous hash rate and set a new record with 62,246,627 TH/s.

Source: Blockchain.com

Source: Blockchain.com

According to Blockcahin.com, on June 14 BTC’s hashrate breached its all-time high. The previous hash rate of BTC was reported almost a year back on August 28, 2018, where it noted a hashrate of 61,866,256 TH/s. Since August 2018 BTC’s price pumped by 5.55% and its price spiked from $7,750 to $8,180.08.

According to the data provided by Blockchain.com, BTC reported over 364k transactions per day and the highest this year was noted in May where the transactions reached over 452k. The price of the world’s largest crypto has been over $8k; however, its tough competitor could be Litecoin [LTC], which noted a growth of over 300% in 2019 and is approaching halvening.

However, with growing crypto verse, Bitcoin was offered support by the co-founder of Twitter and co-founder of Square Inc., Jack Dorsey,  in an interview with Quartz. Dorsey said that Bitcoin stands as the strongest contender for becoming the Internet’s currency. He cited the purity of its creation along with its focus on the public good to back the world’s largest currency in this race.

At press time, Bitcoin [BTC] was valued at $8,706.26 with a market cap of $154.624 billion. The 24-hour trading volume of the coin was reported to be $20.35 billion as the price hiked by 5.61% over the past day. The coin has registered 8.84% growth in the past week and continued to march forward with 0.24% within an hour.

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