Bitcoin network’s hashrate hitting the 1 ZH/s mark for the first time in history amid a massive 8% price dip.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
Market-leading digital asset Bitcoin BTC $78 932 24h volatility: 0.2% Market cap: $1.57 T Vol. 24h: $102.09 B has once again captured the global spotlight after a sharp price crash. BTC fell nearly 8% in the last 24 hours to $75,053 after failing to maintain price action above $80,000.
Meanwhile, the Bitcoin network itself is quietly celebrating a monumental achievement. For the first time in its 16-year history, Bitcoin’s hashrate has crossed the 1 Zetahash per second (ZH/s) mark.
According to data from multiple sources including mempool.space and BTC Frame, Bitcoin’s hashrate surged past 1 ZH/s on April 5, peaking at 1.025 ZH/s.
Coinwarz data even records the hashrate reaching as high as 1.1 ZH/s at block height 890,915 on April 4.
The Bitcoin network now processes over 1,000 Exahashes per second, representing a 1,000x increase since January 2016, when the network first reached 1 EH/s.
For context, Litecoin, the second-largest proof-of-work cryptocurrency, is currently running at just 2.49 Petahashes per second, making Bitcoin about 40,000 times more powerful.
The significance of this milestone cannot be overstated; it enhances Bitcoin’s resilience against potential 51% attacks and underscores the growing decentralization of its mining ecosystem.
According to CoinMarketCap, Bitcoin’s decline has been accompanied by a staggering 257.99% surge in trading volume, reflecting a substantial increase in selling pressure.
On the other hand, technical indicators suggest that Bitcoin is in a fragile state.
Source: TradingView
The 20-day Exponential Moving Average (EMA) at $83,206 currently serves as strong resistance, while the Relative Strength Index (RSI) has dropped to 34.11, hovering just above oversold territory.
The gradient of the RSI line suggests no relief from the bearish pressure. Until BTC reclaims the 20-day EMA, further upwards momentum will be delayed.
Analyst Ali Martinez unveiled that 76 new entities holding more than 1,000 BTC have joined the Bitcoin network over the past two months. We can observe a 4.6% rise that signals growing interest from heavyweight players despite price volatility.
In the past two months, 76 new entities holding over 1,000 #Bitcoin $BTC have joined the network. A 4.6% surge that signals rising institutional demand. pic.twitter.com/KsM69JImC2
— Ali (@ali_charts) April 7, 2025
On the other hand, from a technical perspective, Bitcoin appears to be consolidating within a symmetrical triangle, which is a chart pattern characterized by lower highs and higher lows.
Martinez explains that BTC is nearing the apex of this formation, suggesting that a major breakout is imminent.
#Bitcoin $BTC is ready for a big price move! pic.twitter.com/ottMBlJ07M
— Ali (@ali_charts) April 6, 2025
The current trading range between $87,000 and $82,000 is considered a “non-tradable zone”, with any breakout or breakdown likely leading to a 14% price move.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
