Ethereum Hashrate reaches an all-time high

The hash rate of Ethereum has recently increased. The cryptocurrency has been one of the most rewarding endeavours for crypto miners, and as more people have flocked to reap the benefits, the hash rate has surged. It has now reached multiple all-time highs in the month of May alone. However, the issue remains as to whether the digital asset’s price will perform as well as it has in terms of mining hash rate.

The Ethereum Hashrate reaches a new high

When it comes to mining, the month of May looks promising for Ethereum. After steadily increasing throughout April, the mining hash rate reached a high of 1.1923 PH/s on April 3rd. This was warmly celebrated in the market, but it was far from over.
The next several weeks would also see unprecedented all-time highs being hit one after the other. It has now reached another ATH two weeks into the month. On May 13th, the Ethereum hash rate had risen to 1.2370 PH/s. This is the highest hash rate ever recorded. It represents a 124% increase year over year.

The price of Ethereum has settled above $2,000(R32 127)

 However, Ethereum continues to use a proof of work mechanism, and it is estimated that over 80 mining pools are actively providing hash rates for the network. One thing to keep in mind is that the hash rate has been increasing as the “Merge” draws near. This upgrade would effectively eliminate the requirement for  High-performance computers are required to solve complex equations in order to verify transactions. Instead, the network would carry out transactions via a proof of stake system.

How Is ETH Faring?

Ethereum has broken beyond the $2,000(R32 127) barrier once more. This comes after a hard week filled with ups and downs. A hard victory, but a victory nonetheless. However, it appears to be the only one in terms of trend.

Looking at the digital asset’s indicators has shown an extremely bearish trend in both the short and long term. Even if it is still trading above $2,000(R32 127) at the time of writing, it checks all the boxes for a bearish asset, such as trading below the 50 to 200-day moving averages.

Investor sentiment has also shifted totally to the selling side. Even the 100 – 200-day MACD is pointing to a sell. This demonstrates that the selling pressure on investors is one of the highest it has ever been in recent times.

Nonetheless, ETH holders are performing well in comparison to others. Despite the fact that ETH has dropped more than half of its all-time high value, the bulk of individuals who own it is still profiting. It is also worth mentioning that the majority of the coins had been kept for more than a year.

Ethereum Hashrate reaches an all-time high

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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