Reassuring its place as essentially the most resilient blockchain network in opposition to assaults, the Bitcoin (BTC) network recorded a new all-time high network difficulty for the second time this month in April — leaping from its earlier all-time high of 28.587 trillion to 29.794 trillion .
Larger network difficulty calls for larger computational energy to efficiently mine a BTC block, which prevents unhealthy actors from taking on the network and manipulating transactions, also referred to as double-spending.
As evidenced by knowledge from blockchain.com, Bitcoin’s network difficulty has seen nearly a year-long uptrend since August 1, 2021. Earlier than that, between Could and July 2021, was a timeline when BTC network difficulty fell almost 45.5% from 25.046 trillion to 13.673 trillion — on the time elevating momentary considerations in regards to the network’s vulnerability.
Additional cementing Bitcoin’s resilience in opposition to 51% assaults, on April 28, the Bitcoin network hash charge too recorded a new ATH of 258 EH/s. As proven under, the network hash charge eased right down to the 220 EH/s mark by the tip of the month with no seen unfavourable influence on the BTC network difficulty.
The month of April additionally was witness to at least one of the bottom common transaction charges on the Bitcoin network — the price related to transferring BTC. For the primary time in two years, on April 18, the typical BTC transaction price fell right down to $1,039, which at its highest was $62,788 in April 2021.
Whereas Bitcoin miners proceed to pursue the final 2 million BTC into circulation, the network is well-positioned to realize a newer all-time high with respect to total safety and worth.
Associated: Bitcoin hodlers focusing on $100K is what’s stopping 40% worth drawdown, knowledge suggests
New analysis paints an optimistic image about BTC, underscoring the power of hodlers hoping for all-time highs.
As Cointelegraph reported, on-chain indicators recommend bullish momentum because of a lack of short-term holders (STHs), as famous by in style analyst “Root”:
“Since we did not attain costs above 100K, which so many anticipated, many nonetheless imagine it will ultimately occur and would possibly subsequently maintain on to their cash.”
