Share this article
BTC
$88,485.71
+
1.32%ETH
$1,627.55
-
0.47%USDT
$0.9999
+
0.01%XRP
$2.1038
-
1.25%BNB
$606.68
+
0.56%SOL
$139.68
-
0.21%USDC
$0.9999
+
0.02%DOGE
$0.1639
+
1.22%TRX
$0.2470
+
1.52%ADA
$0.6400
-
0.74%LINK
$13.37
-
1.18%AVAX
$20.35
-
1.54%LEO
$8.8605
-
6.19%XLM
$0.2477
-
4.79%SUI
$2.2990
+
1.08%SHIB
$0.0₄1256
-
1.09%TON
$2.9045
-
3.90%HBAR
$0.1715
-
0.38%BCH
$346.50
+
1.47%HYPE
$18.27
+
1.60%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Steady Above $11,400 as Hashrate Reaches New High
Bitcoin's record hashrate indicates fundamentals are stronger than ever, according to Skew Markets.

Bitcoin (BTC) is consolidating recent gains alongside a record hashrate that suggests high miner confidence in the cryptocurrency's price prospects.
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The top cryptocurrency is currently trading largely unchanged on the day near $11,400, CoinDesk data shows.
- Prices clocked a high of $11,723 on Monday, having crossed into bullish territory above $11,200 over the weekend.
- The bitcoin breather comes as seven-day average of the cryptocurrency's hashrate – a measure of the processing power dedicated to securing and recording blocks on the network – rose to a record high of 144.29 exahashes per second (EH/s) on Tuesday.
- That surpasses the previous peak of 143.19 EH/s observed on Sept. 18, according to data source Glassnode.
- Arcane Research said in a tweet the record hashrate is a sign bitcoin's fundamentals are stronger than ever.

- Hashrate has increased by nearly 40% this year, despite the "halving" event in May that cut miner rewards by half.
- A rising hashrate suggests increasing confidence among miners about the economic viability of operations – in effect, more mining machines are coming online as companies invest in the technology.
- Miners largely operate on cash and liquidate their BTC holdings to fund operations. As such, they are likely to dedicate more resources to the computer-intensive mining process if they are bullish on price.
- The options market is also aligned for a bullish move, as noted by crypto derivatives research firm Skew.
- Bitcoin's call options, or bullish bets, expiring in one, three, and six months are drawing higher prices than the put options, or bearish bets.
- Analysts expect the cryptocurrency to test the psychological hurdle of $12,000 in the near term.
- On the downside, support is seen at $11,000, followed by the February high of $10,500.
Also read: Bitcoin Eyes $12K Price After 6-Day Streak of Gains
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
