Bitcoin price surged today, gaining over 8 percent in the last 24 hours. The sudden move up comes amid a notable increase in the network’s hashrate, which is currently at its 3-month high.

Bitcoin Price on The Move

Bitcoin price marked a notable move in an upward direction, gaining over 8 percent in just a few hours.

At the time of this writing, Bitcoin (BTC) trades at $3,666.13 as per data from CoinMarketCap. The move followed Litecoin (LTC) surge of around 30 percent on the day.

Earlier this week, My Bitcoin News reported on Fundstrat’s strategist Robert Sluymer note, which outlined:

The price structure for most cryptocurrencies remains weak and appears vulnerable to a pending breakdown to lower lows.

Hashrate Hitting 3-Month High

Bitcoin network’s hashrate is also on the rise. Data from blockchain.com reveals that the current hashrate is a little more than 50 quintillion hashes per second – number seen last in November 2018.

Another interesting development has been the adjustment in Bitcoin’s mining difficulty.

Information from the same source shows that it has actually declined in the period between January 26th – 28th. This means that mining is currently more profitable, compared to the period before that.

Do you think the current positive spike will continue? Or will we see a pull-back? Share your thoughts down below!

Chart courtesy of CoinMarketCap; Cover Photo by Pixabay