According to a Bitcoin hash-power chart published by on-chain analytics platform, Glassnode, Bitcoin’s first phase of difficulty has been overturned due to the crash in hash rate.
Glassnode asserts that its latest synopsis does not include the 27% downward adjustment expected by July 3. Nonetheless, Bitcoin’s hash rate could be sent to levels last seen in 2018.
Although Bitcoin has fallen by almost 50 percent from its all-time high value of nearly $65,000, the flagship cryptocurrency outperformed other altcoins in terms of market capitalization. Furthermore, despite the sharp market correction, Bitcoin’s current volatility is lower in comparison with January 2020.
According to the analytics firm, Bitcoin’s average hash rate was slightly higher on Tuesday than the previous day. It is, however, worth mentioning that the current hash rate is still half of the network’s peak value, recorded in mid-May.
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Source: Cryptocurrency - investing.com
