The leading cryptocurrency on its halvening day recorded an all-time high hash rate. This is the third time that the mining reward was reduced to cut the supply of new coins being created. The price of bitcoin stumbled over the weekend as it fell below $8,800. The new all-time high hash rate is around 140 EH/s. Even though it was a small improvement above the previous high in March, it was highly inconsistent in preparation for the reduction in the hash-rate. Previously, all-time high hash rate was recorded in the first week of March at around 133-135 EH/s.
Bitcoin continues to trade around $8,700.
At the time of writing, the leading cryptocurrency is changing hands at just above $8,700. 1.1% up in the last 24 hours. The price post halvening was highly speculated upon by traders and analysts. Bitcoin has gained more than 20% since the beginning of the year as it touched $10,000 last week after falling below $4,000 mark in mid-March. In 2016, post halvening, the price dropped over 25% in the month following the event and spent most of the time in consolidation around that level. But the hash rate continued to increase ever since.
Bitcoin is expected to be volatile in the short-term.
The price of bitcoin is highly speculated as the halvening occurred in a very peculiar time, given the economic slow down due to the ongoing pandemic. Several BTC traders and analysts had claimed that the current bull run is fake, and big players are playing small traders using the halvening narration. In the past, the halvening had a positive effect on the price of bitcoin. However, the price did not rise immediately after the halving but a few months later. There is considerable volatility in the price currently, as the social media sentiments are also on an all-time high. Some still predict that same would happen, billionaire Tim Draper also said that the price of bitcoin would reach $250,000 in three years.