CoinLoan Weekly: Crypto Market Drop, BTC Hash Rate Close to Max
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%.
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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.
As of December 13, Ethereum is trading at $4,014, with a 24-hour change of -0.7%.
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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.
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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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.