How mining affects Bitcoin (BTC) rate CRYPTO-MINING

Bitcoin’s Record Hash Rate May Hint at Price Gains to Come

Bitcoin’s latest bout of consolidation may end up with bullish breakout, as a key metric of miner confidence has hit all-time highs.

The top cryptocurrency by market value has clocked lower daily highs and higher daily lows over the last three days and is currently trading at $10,300 on Bitstamp, little changed on a 24-hour basis.

The cryptocurrency has charted the narrowing price range amid a surge in non-price metrics including a rise in the network’s hash rate – a measure of the computing power dedicated to mining bitcoin.

Notably, the two-week average hash rate reached a record high of 85 exahashes per second (EH/s) around 19:00 UTC on Friday. Further, mining difficulty – a measure of how hard it is to create a block of transactions – also jumped to a new all-time high of nearly 12 trillion.

Hash rate can be considered a barometer of miners’ confidence in the bitcoin price rally. After all, they are more likely to dedicate more resources to the computer intensive process that secures the network and processes transactions if they are bullish on price. Miners would likely scale back operations if a price slide is expected.

Hence, many observers, including the likes of Changpeng Zhao, CEO of Binance, and former Wall Street trader and journalist Max Keiser believe prices follow hash rate.

https://www.coindesk.com/bitcoins-record-hash-rate-may-hint-at-price-gains-to-come
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Bitcoin’s Record Hash Rate May Hint at Price Gains to Come

Bitcoin’s Record Hash Rate May Hint at Price Gains to Come


Article by Coindesk: Omkar Godbole
Bitcoin’s latest bout of consolidation may end up with bullish breakout, as a key metric of miner confidence has hit all-time highs.
The top cryptocurrency by market value has clocked lower daily highs and higher daily lows over the last three days and is currently trading at $10,300 on Bitstamp, little changed on a 24-hour basis.
The cryptocurrency has charted the narrowing price range amid a surge in non-price metrics including a rise in the network’s hash rate — a measure of the computing power dedicated to mining bitcoin.
The two-week average hash rate reached a record high of 85 exahashes per second (EH/s) around 19:00 UTC last Friday. Further, mining difficulty — a measure of how hard it is to create a block of transactions — also jumped to a new all-time of nearly 12 trillion.
The hash rate could be considered a barometer of miner’s confidence in the bitcoin price rally. After all, the miners would be ready to dedicate more resources for mining if they are bullish on price and would want to scale back their operations if a price slide is expected.
Hence, many observers, including the likes of Changpeng Zhao, Founder of Binance, and former Wall Street trader and journalist Max Keiser believe prices follow hash rate.

https://preview.redd.it/vapgqlijqgn31.png?width=660&format=png&auto=webp&s=f7dbc990a6f6f57cbbf16ce2bbafa193e49a8acf
Zhao tweeted on Friday that, “a rising hash rate means more miners are investing in BTC”, while few other observers stated that sellers should think twice before betting against the most secure blockchain — the higher the hash rate of a cryptocurrency network, the more expensive to 51 percent attack.
Put simply, Zhao is expecting bitcoin’s price to track the hash rate higher. It is worth noting that the market stands divided on the relationship between bitcoin’s price and hash rate.
Some observers believe the hash rate follows price and the metric’s outperformance represents overtly exuberant miners. Hence, reading the rising hash rate as a sign of an impending price rally may prove costly.
That said, the price is likely to follow the hash rate this time, as overexuberance is typically observed at market tops or near record highs. As of now, BTC is down almost $10,000 from the record high of $20,000 reached in December.
Also, the market sentiment is quite bullish with reward halving (supply cut) due in less than a year and the sustained uptick in miners’ confidence is more likely to draw fresh bids, possibly leading to a positive feedback loop.
All-in-all, the narrowing price range established over the last few days is likely to pave the way for a bullish move.

Daily and 4-hour charts


Bitcoin has charted (above left) back-to-back inside bar candlestick pattern over the last three days. The first inside bar appeared on Friday as that day’s high and low fell within Thursday’s trading range.
The second and the third inside bar candle was created on Saturday and Sunday, respectively.
Inside bars indicate consolidation and lack of volatility and often end with an explosive move on either side. A break below the first inside bar’s (Friday) low of $10,154 would imply range breakdown and could yield a stronger sell-off to levels below $9,855 (Sept. 11 low).
A break above Friday’s high of $10,458 would imply range breakout and open the doors to $10,956 (July 20 high).
The falling wedge breakout confirmed on the 4-hour chart (above right) last week is still valid. So, the probability of range breakout is high.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin image via Shutterstock; charts by Trading View
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The Cream of the Crypto Crop: 10 Best Performing Assets in 2017

With 2017 now firmly in the rearview mirror, it is time to take stock of the best-performing digital currencies of the year. Bitcoin grabbed plenty headlines on its way to a brief stop at $20,000, but in terms of percentage gains, it doesn’t even crack the top 10.
Older altcoins like Dash posted impressive gains, reaching a 13,900% return at its mid-December all-time high. Dash’s price retreated somewhat, ending the year with a 9,265% gain to capture fifth place in the rankings. Likewise, Ethereum had a banner year, settling in at number six with gains of 9,162%. Litecoin, one of the oldest altcoins, closed the year with a 5,045% gain and took the number nine spot.
Newer coins also fared extremely well, with NEM and Ardor taking number two and three, respectively. Stellar, Binance Coin, OmiseGo and Golem round out the top ten. Bitcoin took fourteenth place with a 1,318% increase.
2017's Biggest Cryptoassets Ranked by Performance
Making more than a Ripple Ripple, the centralized bank-focused digital currency, claimed the gold medal with a staggering 36,018% return over the past year. A $1,000 investment in Bitcoin on January 1, 2017 would have been worth $13,180 at the end of the year. That same $1,000 invested in Ripple would be worth an eye-popping $360,018.
While Ripple had good growth in the second quarter, the true surge happened in the last weeks of December, which saw the currency take the number two spot by market cap away from Ethereum. Though Bitcoin has seen the majority of headlines this past year, it cannot begin to compare with Ripple’s price performance.
Bitcoin Versus 2017's Biggest Cryptocurrency Gainer
What about 2018? With the total cryptocurrency market cap hitting a record high of $673 bln today, there is no sign that 2017’s rally is coming to an end anytime soon. Digital currency enthusiast and journalist Max Keiser believes the total digital currency market cap will reach $5 trln or more, with Bitcoin itself hitting $100,000. Keiser argues that Bitcoin’s path to six figures is based on its status as digital gold. He argues that other currencies are better suited to focus on payments:
“Dash is emerging as the crypto payment rail while Bitcoin asserts itself as Gold 2.0. I suggest those frustrated by the Bitcoin scaling debate to embrace Dash for payments and leave Bitcoin Core alone to continue working on Gold 2.0.”
Famed stock picker Ronnie Moas is also optimistic about Bitcoin, believing the digital currency will see prices in excess of $28,000:
“The number (of Bitcoin available) is a lot lower than what people think it is. A lot of the Bitcoin has been lost, some of it hasn’t been mined and then you have a lot of people like myself that just won’t sell their Bitcoin at any price.”
And what of altcoins? Bitcoin’s so-called “dominance” factor is currently only 37.5%, which is near all-time lows. The Bitcoin dominance metric is a measure of how much of the total cryptocurrency market cap is “dominated” by Bitcoin. Bitcoin’s current market cap of $250 bln is divided by the $673 bln market cap of all cryptocurrencies combined. This nets the Bitcoin dominance percentage - 37.2% at press time. As recently as a year ago, Bitcoin’s dominance exceeded 90%.
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How To Trade Bitcoins For Other Altcoins/Cryptocurrency On Binance

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