{"id":345986,"date":"2023-09-24T09:00:10","date_gmt":"2023-09-24T03:30:10","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=345986"},"modified":"2023-09-23T18:28:31","modified_gmt":"2023-09-23T12:58:31","slug":"why-bitcoins-network-expansion-is-not-reflecting-in-btcs-price","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-bitcoins-network-expansion-is-not-reflecting-in-btcs-price\/","title":{"rendered":"Why Bitcoin&#8217;s network expansion is not reflecting in BTC&#8217;s price"},"content":{"rendered":"<ul>\n<li><em>Bitcoin&#8217;s network hashrate has more than doubled since its 2021 highs.<\/em><\/li>\n<li><i>Retail and whale investors rose in recent years.<\/i><\/li>\n<\/ul>\n<p>Bitcoin [BTC] has seen a sharp drawdown from its 2021 peaks in the ongoing bear market. Indeed, the world&#8217;s largest crypto asset was 60% below its all-time high (ATH) of $69,900 at the time of writing, per <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\">CoinMarketCap<\/a> data.<\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 BTCs worth today?<\/p>\n<hr \/>\n<h4>Steady hashrate increase<\/h4>\n<p style=\"text-align: left;\">But despite the drawdown in its valuation, the blockchain has continued to thrive. According to on-chain analyst Joe Burnett, Bitcoin network hashrate has climbed from 165 ExaHashes per second (EH\/s) on the day it scaled its peak, to 400 EH\/s at the time of the post.<\/p>\n<p style=\"text-align: left;\">This reflected a staggering 142% increase.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">$69,000 was the BTC\/USD price peak on November 10th, 2021.<\/p>\n<p>On that same day, total network hashrate was ~ 165 EH\/s.<\/p>\n<p>Since then, the USD price has dropped to $26,700, but hashrate has exploded to ~ 400 EH\/s.<\/p>\n<p>The demand to grab the remaining 1,507,106 BTC has never been higher. <a href=\"https:\/\/t.co\/OMqInqT6TQ\">pic.twitter.com\/OMqInqT6TQ<\/a><\/p>\n<p>&mdash; Joe Burnett, MSBA (@IIICapital) <a href=\"https:\/\/twitter.com\/IIICapital\/status\/1705234870400643518?ref_src=twsrc%5Etfw\">September 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A rising hashrate, or the computational power required to solve complex cryptographic puzzles, was an indication that more miners were involved in validating transactions and securing the Bitcoin network.<\/p>\n<p>This could be the logical result of growing on-chain activity and Bitcoin adoption.<\/p>\n<h4>High network demand for Bitcoin<\/h4>\n<p>According to Glassnode, transactions on the network have indeed shot up in recent years, with 2023 witnessing unprecedented demand for the block space. A closer inspection revealed that the network&#8217;s ATH of over 703,504 was only achieved last week.<\/p>\n<figure id=\"attachment_346021\" aria-describedby=\"caption-attachment-346021\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-3.png\"><img decoding=\"async\" class=\"size-full wp-image-346021\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-3.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-3.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-3-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-3-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-3-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/glassnode-studio_bitcoin-number-of-transactions-3-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-346021\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4>Investors accumulate Bitcoin<\/h4>\n<p>Users have been drawn to Bitcoin in the last few years as its narrative of a safe-haven asset has acquired mainstream awareness. Bitcoin has remained largely insulated from implosions like that of FTX and TerraUSD [UST], and regulatory hurdles which have become a big thorn in the flesh for other altcoins.<\/p>\n<p>The resilience led many users, including retail investors, to add Bitcoin to their portfolios. A recent update shared on social platform evidenced the growing ownership.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Number of Addresses Holding 0.1+ Coins just reached an ATH of 4,499,669<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/hZY8dBLpzX\">https:\/\/t.co\/hZY8dBLpzX<\/a> <a href=\"https:\/\/t.co\/nZjHtgQ4ow\">pic.twitter.com\/nZjHtgQ4ow<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1705360257470394488?ref_src=twsrc%5Etfw\">September 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">BTC Profit Calculator<\/a><\/p>\n<hr \/>\n<p>To top it all off, whale investors have been constantly adding BTCs to their holdings. As per Santiment, the number of wallets containing 10,000-100,000 coins has been increasing since the pinnacle of the 2021 market.<\/p>\n<figure id=\"attachment_346029\" aria-describedby=\"caption-attachment-346029\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-346029\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Bitcoin-BTC-17.52.46-23-Sep-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-346029\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>Bitcoin&#8217;s network utilization clearly surpassed its market cap, effectively pricing it at a discount. This pattern may bode good for Bitcoin&#8217;s value in the long run.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the drawdown in Bitcoin&#8217;s value from 2021 peaks, the network&#8217;s hash rate has continued to increase.<\/p>\n","protected":false},"author":80,"featured_media":346031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-345986","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Bitcoin&#039;s network expansion is not reflecting in BTC&#039;s price - 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