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Bitcoin is rallying to start the weekend, up 4.49% in the last 24 hours at $8,833 according to Coin360.
Altcoins are joining in, with Ethereum up 5.61% at $271.13, XRP up 4.23% at $0.4117 and Litecoin up 8.34% at $138.74.
As the price continues to rise, Bitcoin’s hash rate is near an all-time high, according to the latest numbers at Blockchain.com.
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The metric is an important sign indicating the network is thriving and the number of miners is growing. The hash rate reveals the amount of energy and computing power being used to power Bitcoin. The higher the number, the stronger the overall security of the blockchain.
Analysts are reading the tea leaves on where BTC will head next. Crypto Thies, a popular analyst with 28,000 followers on Twitter, says a Bitcoin “tsunami” is coming. His next target on the upside is $9,400. If Bitcoin reverses, Thies says BTC could retrace back down to $6,500.
Meanwhile, economist Alex Krüger ?says the fact that Binance is banning US traders on Binance.com is bullish for Bitcoin and is likely playing a role in today’s rally.
“In the short term, those exiting Binance.com, what asset do they use the most?
=> BTC.
Even if it were not the main cause for the move, it gives larger players a perfect excuse to move the market. Other majors is stage #2, tied to re-balancing demand.”
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