Ethereum and Bitcoin remain steady towards a stronghold of network health despite the ongoing investigations faced by trading platforms BitMEX and OKEx. Both the Ethereum and Bitcoin network’s hash rate has recently reached its all-time high.
Daily Active Bitcoin addresses Now at Maximum
Research firm Arcane has recently revealed Bitcoin received a strong market hold after touching its price mark of $11,000. At the time of publication, Bitcoin’s hash rate reached its all-time high of 140 exahashes per second (EH/s) with mining rewards standing at $20 billion.
The current hash rate stands at a 36% increase compared to its hash rate at the beginning of the year, owing to higher levels of adoption.
Lage investment firms such as MicroStrategy and Square too followed Bitcoin by investing millions of dollars while holding the king coin as its reserve asset.
Bitcoin analysts Chris Russi reviewed Bitcoin’s network activity highlighting that the daily number of active Bitcoin addressed is now at its maximum, at one million active addresses per day, compared to 2017.
8/ Network Activity is Thriving & Signaling Strong Adoption
-The # of Daily Active Addresses has eclipsed 2017 levels & is routinely >1M / day
-# of trxns & trnsfers has been trending⬆️ since Jan.
-# of New Addresses continues to⬆️
-& # addresses w/ a Non-Zero Balance is at ATHs pic.twitter.com/qV52FZ0gVB
— Chris Russi (@chrisrussi) October 13, 2020
Besides, transactions and transfers have been increasing since the beginning of the year. Mining and block rewards currently stand at $20 billion.
ETH To See Massive Rally
According to data by Blockchain.com, ETH currently stands at $365, with 68% of its investors reaping profits out of it. The cryptocurrency swung upwards with an increase of 105.96% and 57.06% in the last three months, while its network hash rate reached a daily average of over 262,450 terahashes per second. Since the beginning of the year, the Ethereum network has increased by over 80% due to the upcoming launch of Ethereum 2.0.
Crypto analysts Adam Cochran believes that Ethereum’s network upgrade will definitely cause a massive rally to the ETH supply in addition to the DeFi industry valuation of over $11 billion.
Notable crypto trader Bitcoin Jack even predicted a positive stance towards Ethereum’s market price stating the cryptocurrency could approach $2000 by the end of this year or early 2021.