On Monday, August 16, Bitcoin price spiked to $47K as bulls are determined to push the digital asset towards $50K. Additionally, its hash rate is gradually increasing.
At the moment, the price of Bitcoin is $47,421.12. It increased 3.28% or 1,506.56 points with a market capitalization of $890.91 billion and a 24-hour volume of $34.15 billion.
Bitcoin’s highs began last Saturday as the BTC/USD jumped over $47,000, which is a line which borders a huge resistance wall that remains in place.
Then, a sharp reversal happened as Bitcoin dropped to $45,500 local lows. Meanwhile, on Sunday, its price rebounded and continued to rally on Monday.
Now, analysts are projecting a continued run towards $48,000 as Sunday provided a test on its upper boundary. However, an analyst stated that this is not considered a breakout.
Moreover, the Bitcoin network is still trying to climb following the automated readjustment on August 13.
Based on analysts’ data, its difficulty spiked 7.30% which completed its best performance since the price sell-off of Bitcoin last May.
After China’s Bitcoin mining crackdown, the hash power is gradually coming back to Bitcoin while existing operations are adding to its capacity.
This resulted in a large spike in the Bitcoin mining hash power. Also, competition for the Bitcoin block subsidy increased.
An analyst stated that this is a process that causes difficulty to rise to keep the equilibrium of the network.
He added that this also increases the security of the network and emphasizes the long-term commitment of miners to Bitcoin.
Currently, the hash power is at 113 exahashes per second (EH/s), which is over the 100 EH/s and 30 EH/s lows in late May.
Crypto Prices Up as Bitcoin Rose
Furthermore, Ethereum smashed 4.37% or 1,37.85 points to $3,291.80 with a market cap of $385.38 billion. It also has a 24-hour volume of $25.10 billion.
The same with XRP which hopped 0.09% to $1.29 with a market cap of $128.63 billion and a 24-hour volume of $8.37 billion.
Likewise, Cardano grew 1.60% or 0.03 points to $2.17. It has a market cap of $70.21 billion with a $4.10 billion 24-hour volume.
Consequently, Dogecoin soared 15.63% or 0.05 points to $0.35 with a market cap of $45.52 and a 24-hour volume of $6.08 billion.