BTC’s hashrate hit a new all-time high.
It reached 248.11 million terahash per second (TH/s).
This can increase the value of BTC.
Bitcoin (BTC) has demonstrated its dominance in the market since its inception.
It ranks first among cryptocurrency tokens by market capitalization, and its variations in value give us a perspective of the entire industry.
As such, its hashrate plays an important role in the overall performance surrounding Bitcoin (BTC).
BTC’s Latest Record Hashrate as Growth Catalyst
The Bitcoin network hashrate has reached a new all-time high.
In fact, Bitcoin as a whole has been showing strength throughout this month after hitting one of its lowest points of around $33,495.91 in January. Since then, the token broke above the resistance level of $41,500.
The Relative Strength Index or RSI levels showed readings of 39 on Monday, suggesting the end of the weekend slide and a continuation of an uptrend.
Additionally, the Bitcoin hashrate has reached 248.11 million terahashes per second (TH/s) Saturday , which is an increase from the level of 180 million TH/s recorded last week. All of this has the potential to push the value of the BTC cryptocurrency token further and let it rise.
Should you buy Bitcoin (BTC)?
On February 14, the value of Bitcoin (BTC) was $42,190.11.
To get a better idea of what this value point means for the Bitcoin (BTC) cryptocurrency token, we will review the token’s all-time high value, as well as the performance it has exhibited throughout the previous month. .
The peak value of Bitcoin (BTC) was on November 10, 2021, when it reached a value of $69,044.77.
This means that the token was worth $26,854.66 above its ATH point.
When we look at the performance of the Bitcoin (BTC) token throughout January, we can see that BTC’s high point was on January 2, 2022, when it reached a value of $47,730.23.
However, the token saw declines until its lowest point for the month on January 24, 2022, when it saw a value of $33,495.91. This gives us an indication that the value of the token has decreased by $14,234.32 or 30%.
However, from January 24 to February 14, the token saw its value increase by $8,694.2 or 26%.
With that in mind, we can expect the Bitcoin (BTC) cryptocurrency token to reach a value of $45,000 by the end of March 2022, making it a solid buy.