Bitcoin’s network has continued to get more robust throughout February.
According to data from BlockchainCom, the Bitcoin hashrate increased by as much as 31% between February 11 and February 12. Hashrate is a measure computational power/speed used to verify transactions and add blocks in a Proof-of-work blockchain.
According to reports, the estimated number of terahashes per second in the last 24 hours on the Bitcoin network currently stands at 248.11 million per second, which is a new all-time high value.
Meanwhile, the price of Bitcoin dropped slightly overnight, dropping around one percent in the past 24 hours.
Bitcoin’s recent performance has pushed some analysts to conclude that Bitcoin has entered a new bull market cycle.
Bitcoin’s current price is around US$42,000.
The world’s second-largest cryptocurrency, Ethereum, fell two percent in the past 24 hours to sit at US$2,874.
Altcoin News
Decentralised exchange platform, Injective (INJ) has gained traction after hitting an all time low on February 3.
Data shows that on February 3, Injective hit a low of US$3.91 but has since rallied to US$10.08, where it sat on February 11. This represents a 158 percent growth in just a little over a week.
Analysts have pointed towards a number of possible reasons for the DEX token’s spike, including the most recent development on the blockchain – the release of the Injective Bridge at the end of January. This bridge included a variety of upgrades designed to help facilitate cross-chain compatibility with both the Cosmos and Ethereum blockchains.
This essentially means that the new bridge is capable of accepting ERC-20 tokens as well as other Cosmos-based tokens including ATOM and Terra (LUNA)
Winners and Losers
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Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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