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Bitcoin Price Suddenly Tumbles 5 Percent as Hash Rate Reaches New Highs

  • Alex Dovbnya
    📰 News

    Ethereum Classic managed to record a double-digit price increase amidst the crypto market sell-off

Bitcoin Price Suddenly Tumbles 5 Percent as Hash Rate Reaches New Highs

The cryptocurrency market took a nosedive on Aug. 20 with Bitcoin (BTC) and top altcoins, such as Ethereum (ETH), XRP, and Bitcoin Cash (BCH), freefalling in tandem. With Bitcoin hovering above its long-term trendline at $10,200, the bulls can expect more pain in the short-term.

Top coins by market capitalization
image by Coin360

Ethereum Classic on a roll

Privacy-oriented coin Monero (XMR) is holding onto its 10th place on CoinMarketCap with a 7 percent drop. Bitcoin SV, the fork of Bitcoin Cash, dipped 6 percent, which makes it the second worst-performing coin inside the top 10 after Monero.     

Meanwhile, Ethereum Classic (ETC) stood out from the crowd by experiencing an 11 percent price increase (one of the very few green boxes on the treemap).

Will price follow hash rate?

In the interim, Bitcoin hash rate has recently hit a staggering 82.5 EH/s. The network is getting more robust despite sluggish price action. 

Bitcoin hashrate
image by blockchain.com 

According to Bitcoin bull Max Keiser, price follows hash rate, so the bulls might indeed see some fireworks in the nearest future.

Cover image via 123rf.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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