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Bitcoin may have dropped 20%, but it's more secure than ever by jrcornel

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· @jrcornel ·
$26.01
Bitcoin may have dropped 20%, but it's more secure than ever
# The BTC Hash Rate hit a new all time high today

The amount of resources being put into securing the bitcoin network has never been greater than it is right now.

Bitcoin fell by over 20% within the last several days, from over $12k to just under $10k, yet the network's hash rate has never been higher.

Check it out:

![](https://images.hive.blog/DQmPd56fgBGRaXYjQYUC41SaapNrVK2jWnYqeKiYe8Ko9u8/image.png)

(Source: https://twitter.com/ssaurel/status/1303314549316169733/photo/1)

Which means the network is technically more secure than it has ever been.

All this talk about Ethereum and defi etc etc etc, and here bitcoin is, seeing more and more resources being put into securing the network.

# At this point it almost seems like there is a disconnect between the fundamentals and the price...

The price of bitcoin has many inputs that go into it, however, the majority of it is based on speculation.

That being said, it still seems like there is a bit of a disconnect between it's fundamentals, the macro environment, and it's price.

Just some of the things bitcoin has going for it right now:

- Hash Rate at all time highs
- Number of wallets keeps increasing
- Institutional interest has never been higher
- Media coverage has never been better
- Layer 2 innovations and defi exploding
- Massive money printing globally
- Negative interest rates 
- No growth economy
- Stocks at all time highs
- Gold at all time highs

Add all these things up and I would have to say that bitcoin would for sure be at new all time highs if I didn't know the current market price.

However, it's not, in fact it's technically not even close.

It's roughly half of where it was roughly three years ago back in December of 2017 when it climbed almost to $20k per coin.

What gives?

In my opinion the most likely outcome is that bitcoin is simply just lagging at this time. It likely has pent up energy that will be unleashed at some point and it will join the ranks of all time highs just like the other assets mentioned on my list above.

Also keep in mind that bitcoin has mostly been consolidating that massive move up to $20k from several years ago to this point...

As we work through that, we will eventually blast off to new highs.

Stay informed my friends

-Doc

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vote details (236)
@cryptographic ·
$0.35
Interesting thing happened today at the U.S. close. All major stock indices closed at new lows, some *at* lows, but BTC **held** short term support.
👍  
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@jrcornel ·
$0.36
Yes I saw that as well. Bitcoin didn't follow along with that final dump, at least for the most part. I don't anticipate stocks will go down very far either way as I think the longer this carnage lasts the quicker the next stimulus package will be passed.
👍  
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@cryptographic ·
Check out my most recent post.
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@eroche ·
Another point is the world has suddenly moved online in the last few months.  That has to play in favour  also.
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@jrcornel ·
Yes very good point. I think the pandemic has sped up the adoption curve of bitcoin and crypto as it pushed everyone online.
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@jeaniepearl ·
If you are not holding enough BTC at the moment, this might just be the best time to stock your bag. I always advice the use of a non-custodial exchanges, preferably https://changenow.io/
. This is not the time to entrust your tokens with exchanges that don't give you full control.
👍  
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@michaelruiz ·
If anything, this drop in BTC represents a great buying opportunity, especially if we expect another run-up. So I'll definitely be paying attention to this 💪.
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@jrcornel ·
I think it's a good spot to buy but I don't care much about timing the exact bottom. I think we will be significantly higher within the next 2 years so it makes to buy any and all dips.
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