CoinLoan Weekly: Bitcoin Price Breaks $60k, US Becomes BTC Hash Rate Leader

Price Dynamics

Bitcoin Price

The asset began last week with a value of $54,855, fluctuating up ($57,478) and down ($54,611). Bitcoin's all-week high was $62,516 on October 15 but didn't stand long - the asset's price quickly corrected to $59,450.

The $60k price rise was triggered by a Bloomberg report suggesting a Bitcoin futures exchange-traded fund (ETF) launch in the US this week.

BTC price chart. Source: TradingView
BTC price chart. Source: TradingView

As for overall weekly performance, BTC gained 9.22% in 7 days and 0.21% in 24 hours. At the moment of writing, the first cryptocurrency is trading at $61,395.

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Ethereum Price

ETH started at a minor note  - a price fluctuated between $3,597 and $3,419. From October 13, ETH's price began to rise and mostly did so until the end of the week. On October 16, ETH hit a $3,957 level, an all-week high.

ETH price chart. Source: TradingView
ETH price chart. Source: TradingView

As of October 18, Ethereum is trading at $3,773, meaning that in 7 days, ETH rose by 6.38% and fell by 3.11% in 24 hours.

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XRP Price

Last week's start for Ripple was quite positive with a $1.16 price level. Shortly after that, the Last week for Ripple was quite positive - the token reached $1.16. Shortly after that, the asset's price fell to $1.07, fluctuating heavily for the rest of the week. XRP's all-week high ($1.17) was fixed on October 17, followed by reaching an all-week low ($1.06) on the same day.  

XRP price chart. Source: TradingView
XRP price chart. Source: TradingView

On October 18, the XRP price remained at $1.09, a 5.65% in 7 days and 3.88% in 24 hours adverse change.

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Cryptocurrency News

USA Is Now the Leader for BTC Hash Rate

Due to the strict policy regarding cryptocurrencies from the Chinese government, the US replaced China as the leader in terms of Bitcoin hash rate. According to recent data from Cambridge Bitcoin Electricity Consumption Index (CBECI), the US hash rate is 42.7 Eh/s at the moment. In comparison, China's hash rate level in May 2021 was at 70.9 Eh/s but since then started to decrease, reaching 41.1 Eh/s in June.

Since May 2021, the US hash rate increased from 17.8% to 35.4% in August 2021. BTC hash rate recovered in September, and BTC's mining difficulty rose at the end of August, earlier dropping in July.

Stay tuned for the upcoming news and updates, CoinLoaners!