Bitcoin Witnesses Most Volatile Year: Hashrate Continues To Deteriorate
There has never been a serene moment for Bitcoin cryptocurrency, as each new day reveals new lows the coin can attain.
On-chain analysis has revealed and described Bitcoin’s volatility as one of the lowest and most depressing this year.
Volatility On The Rise
Crypto analysts have had Bitcoin under their microscope for years, monitoring every slight movement from the coin, and according to their overall analysis, this year was the worst for the coin since it reached its all-time high of $69,000 in 2021.
The last time this type of bottoms volatility occurred was in 2018. It was also a bear season, with a prolonged crypto winter and token prices plummeting.
The market volatility increased as the year came to a close in 2018, shattering any lingering expectations of a boom as Bitcoin’s price dropped to the $3000 level.
This terrible volatility has also been confirmed by analysts from several fields. BTC has been able to maintain some composure for the past few weeks, trading at levels between $18,000 and $15,000.
However, it is unlikely that market activity will increase during this holiday season as most investors would want to be extremely cautious and focus more on the celebration.
This BTC rally has seen reasonable highs and lows, with this year’s volatility being the highest ever.
However, volatility isn’t the only issue with the BTC currency; the hash rate is as well. With its constant decline, the Bitcoin Hash Rate has also taken the same path away from glory.
Hash rate Plummeting
According to an analysis firm, the hash rate fell to 225 Terrahash/second on December 25th. This fall is the lowest since the all-time high in November.
This fall was caused by a drop in activity from miners, who were observed to have powered down on their activities due to bad weather conditions in Texas.
Due to the bad weather in Texas, over 30% of the BTC hash rate was recorded to have gone offline.
Bitcoin prices made no significant progress over the weekend, remaining stable around the $16,000 mark.
Market Capitalization has been impacted as well, but positively. According to reports, the market cap has reached $846 million, which is very close to the peak levels recorded in 2017.
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