Nano and Solana’s resolve were quite impressive. NANO trades at $12.33, up by 17.05% in the last 24 hours and 105.26% weekly. Solana is up by 14.67% in the last 24 hours and 7.81% weekly at a present price of $30.68.
Nano claims to be “digital money for the modern world,” a lightweight cryptocurrency that is designed to facilitate secure, practically instant payments, without fees, and addresses some of the major limitations of both legacy financial infrastructure and many modern cryptocurrencies.
This market crash may be a timely reminder of how price action follows certain determinants, especially fundamentals. Bitcoin was trading at $56,224 while Ethereum traded at $2,228 as of press time.
Hashrate May Be an Important Determinant for Bitcoin Price – Hashrate is a general measure of the processing power of the Bitcoin network. Bitcoin mining hash rate dropped by 40% a week after an accident in a Chinese coal mine halted operations in the entire Xinjiang region. The drastic change raised concerns around Chinese dominance over the market, with one region affecting nearly half of the total Hashrate.
Willy Woo, crypto analyst cum economist tweeted in the early hours of Sunday after the crash ‘Price and hash rate has always been correlated’ referencing back to the November 2017 Hashrate plunge. The analyst further stated that today was the single sharpest 1-day drop-in Hashrate since Nov 2017. He dropped the chart below to depict the correlation.
BTC Price vs Today’s Hash Rate Collapse (From the Xinjiang Blackout).
Courtesy: WillyWoo Charts/Twitter
Image Credit: Willy Woo Charts/Twitter, Shutterstock