CoinLoan Weekly: Crypto Market Drop, BTC Hash Rate Close to Max

WeeklyDec 13, 2021
CoinLoan Weekly: Crypto Market Drop, BTC Hash Rate Close to Max

Price Dynamics

BTC Price

Last week, Bitcoin experienced went sideways, balancing between $51,855 and $48,913. The fluctuations came from market uncertainty, with some analytics pointing towards the Evergrande case and a new form of the Covid-19 virus – Omicron. The BTC max for the week happened on Tuesday, December 7 – $51,855.

As of December 13, Bitcoin is trading at $48,867, with a 24-hour change of -0.4% and a 7-day difference of -0.8%.

BTC Price Chart. Source: CoinGecko
BTC Price Chart. Source: CoinGecko

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ETH Price

Ethereum, alongside Bitcoin, also experienced ups and downs– the second leading cryptocurrency lost 4.3% of its value in the past seven days. The ETH price max for the week was observed on Thursday, December 9, and amounted to $4,458. The lowest point that came around on Saturday was $3,918. Since then, Ethereum has recovered.

ETH Price Chart. Source: CoinGecko
ETH Price Chart. Source: CoinGecko

As of December 13, Ethereum is trading at $4,014, with a 24-hour change of -0.7%.

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XRP Price

XRP was also a subject of swings. The token was unable to reach the $1.10 mark observed a week prior and fluctuated between $0.76 and $0.90. The 7-day max was seen on Thursday, December 9, and amounted to $0.917. However, the cryptocurrency managed to finish the week positively, showing steady but slow growth. On Sunday, December 12, the token reached a value of $0.82.

XRP Price Chart. Source: CoinGecko
XRP Price Chart. Source: CoinGecko

As of December 13, XRP is trading at $0.83, with a 24-hour change of +0.4% and +3.5% gain over the 7-day period.

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Cryptocurrency News

Bitcoin's Hash Rate Has Recovered to Record Levels

The first cryptocurrency’s computing power reached a level comparable to figures observed before China's crackdown on mining.

On December 10, the Bitcoin network hash rate reached 180 Eh/s, according to Blockchain.com.  Mid-May was the last time it happened. Soon after, the hash rate fell after China imposed a total ban on cryptocurrency mining. In July, it reached 84 Eh/s (down 53% from the maximum), its lowest level since 2019.


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Disclaimer:
The information provided by CoinLoan ("we,” “us” or “our”) in this report is for general informational purposes only. All investment/financial opinions expressed by CoinLoan in this report are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in this report.

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