The latest news on Bitcoin and altcoins – from market analysis to regulatory developments. Stay up to date with the most important developments in the cryptocurrency space.
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Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. It is a decentralized currency not regulated by any government or financial institution. Bitcoin is the largest of its kind in terms of total market value.
Bitcoin prices hit all-time high
Bitcoin prices surged to an all-time high on Monday, surpassing the $40,000 mark for the first time ever.
The cryptocurrency was trading at $40,237 at around 09:00 UTC (04:00 ET), up more than 5% from 24 hours earlier. The last time bitcoin traded above $40,000 was on January 8.
The push higher comes as institutional investors continue to show interest in the cryptocurrency. On Sunday, investment firm Greyscale disclosed that it had bought more than $1 billion worth of bitcoin in 2020.
“The institutional demand we are seeing is unlike anything we’ve seen before and it’s only going to increase,” said David Grider, managing director and head of digital assets research at Fundstrat Global Advisors.
Other cryptocurrencies were also surging Monday. Ethereum, the second-biggest cryptocurrency by market value, hit a fresh all-time high of $1,448 earlier in the day. Bitcoin cash and litecoin were both up more than 7%.
Bitcoin mining difficulty reaches new all-time high
Bitcoin mining difficulty has reached a new all-time high, with the network now more difficult to mine than ever before. The latest data from Bitcoin network tracker BTC.com shows that the total hashing power dedicated to mining Bitcoin has reached a new high of over 26 exahashes per second (EH/s).
This is a significant milestone for the Bitcoin network, as it now requires more computational power to mine new blocks than ever before. This is due largely to the increasing size of the Bitcoin blockchain, which has grown to over 200 gigabytes in size. However, it also reflects a continued increase in the amount of hashing power that is being devoted to mining Bitcoin.
In addition to the increase in difficulty, BTC.com also reports that the average transaction fee on the Bitcoin network has reached a new high of over $3 per transaction. This is also likely due in part to the increasing size of the Bitcoin blockchain, as larger blocks can contain more transactions and thus require higher fees to be mined.
However, it is also worth noting that the current price of Bitcoin (over $11,000 at the time of writing) is also likely contributing to the high transaction fees, as users are willing to pay more for faster confirmation times.
Despite these challenges, it remains clear that there is still strong interest in mining Bitcoin and other cryptocurrencies. So far in 2020, crypto mining activity has been on the rise, and it is likely that this trend will continue in the months and years ahead.
Bitcoin hashrate reaches new all-time high
The Bitcoin network’s hashrate – the combined computing power of all miners – has reached a new all-time high of 97 exahashes per second (EH/s), reinforcing the network’s position as the most secure and robust blockchain in existence.
The Bitcoin network first reached a hashrate of 1 EH/s in August 2018, indicating a 10,000x increase in computing power since the beginning of the year. The continued growth of the network’s hashrate is a strong indication that demand for Bitcoin remains high despitepersistent bearish market conditions.
The all-time high hashrate comes as Bitcoin mining difficulty – a measure of how hard it is to find a block – reaches new heights, making it more expensive than ever to mint new BTC. At current prices, it costs around $5 million to find one block, or $0.50 per BTC mined.
Despite the challenges posed by high mining costs, data from CoinDance shows that global BTC trading volume is currently at its highest level since February 2018, indicating that demand for Bitcoin remains strong even as prices languish below $4,000.
The cryptocurrency market has been fairly volatile over the past few months. Bitcoin, the most well-known cryptocurrency, has seen its value rise and fall sharply. However, altcoins, or alternative coins, have been hit even harder. Many altcoins have lost a significant amount of their value since the beginning of the year.
Ethereum prices hit all-time high
Ethereum prices hit an all-time high on Wednesday, propelled by a wave of buying from institutional investors.
The second-largest cryptocurrency by market value rose to as much as $2,151.49, according to CoinDesk’s Ethereum Price Index. That marked a more than 14-fold increase from its 2020 low of $152.55 set on Jan. 1.
Ethereum’s surge comes as bitcoin, the world’s largest cryptocurrency by market value, has also climbed to record highs in recent weeks. The price of bitcoin topped $50,000 on Tuesday for the first time ever before pulling back slightly.
Investors have poured into cryptocurrencies in recent months amid a broad shift in sentiments towards digital assets. PayPal recently announced that it would allow customers to buy, sell and hold bitcoin and other virtual currencies on its platform, while major companies like Square and Tesla have also invested billions of dollars in bitcoin.
The rise in prices has also been driven by intense interest from individual investors, who have been buying cryptocurrencies through online exchanges like Coinbase and Robinhood.
Litecoin prices hit all-time high
The price of litecoin, the world’s fourth-largest cryptocurrency by market value, surged to an all-time high on Tuesday, benefiting from a broad rally in the digital currency market.
Litecoin prices rose to as much as $341.38 during the early hours of Tuesday morning, according to data from CoinMarketCap.com. That marked a more than 5,400% gain since the start of the year.
The rally in litecoin prices comes as crypto assets have soared in value this year, with investors flocking to these relatively new and unregulated markets amid a surge in mainstream interest.
Bitcoin, the largest cryptocurrency by market value, is up more than 1,700% so far this year, while Ethereum, the second largest, is up more than 4,000%.
Monero prices hit all-time high
Monero prices have reached an all-time high, as the digital currency continues to benefit from increased demand from investors and traders.
The price of Monero reached $468 on Thursday, according to data from CoinMarketCap.com. That’s up from around $30 in January 2017.
Monero is a digital currency that offers privacy and anonymity features that are not available in other cryptocurrencies, such as Bitcoin. That has made it popular with criminals and others who value privacy.
But the anonymity features of Monero have also attracted legitimate users who see it as a way to move money around without being tracked.
The price of Monero has been on the rise in recent months, as investors and traders have become more interested in cryptocurrencies. Bitcoin, the best-known cryptocurrency, has seen its price skyrocket this year, reaching nearly $20,000 in December before falling back to around $15,000 currently.
Other digital currencies have also seen their prices rise this year. Ethereum, the second-largest cryptocurrency by market value, has seen its price increase by more than 2,000% since January. Litecoin, another popular cryptocurrency, has seen its price increase by more than 700% over the same period.