BTCST Just Went 5x in 3 Days | Is it Aiming for $1,000?
BTCST aims to bring Bitcoin to DeFi! And seeing its recent growth, it is evident that traders are going all-in on BTCST. But is it going all the way to $1,000 or higher?
The BTCST or the Bitcoin Standard Hashrate Token is the bridge between Bitcoin and DeFi. Further, each BTCST is collateralized with 0.1 Th/s mining power of BTC.
Further, HODLing the BTCST token and staking it on-chain will make you entitled to Bitcoin mining rewards. Hence, providing the service for anyone to enter or exit the Bitcoin mining exposure.
The Bitcoin Standard Hashrate Token is a Binance Smart Chain based smart contract with no centralised authority. Further, it is an entirely community-based project with 0 team reserve. All the decisions about the project is made through community voting, as you can see here.
China’s crackdown on crypto lead to a major fall in May, and now the crackdown on Bitcoin mining plants caused the relocation of expensive mining equipment out of China. BTCST solves this problem by providing a way to stake BTCST tokens and earn mining rewards.
Why did its price move 5x?
Do you remember the part I told you that each BTCST is collateralized with 0.1 Hash rates on BTC mining? Now, let’s look at some historical data:
Do you remember the May 19 crash that shook the entire crypto market? I hope you do, everyone does. Moving on, that lead to a very steep blow on the BTC ming hash rate, the result of which was, any guesses? The fall in the price of BTCST.
BTC Hashrate fall leading to the crash
BTCST Price on the 4-H timeframe
Now moving ahead, this was the scenario of the past, and the past can inspire us but won’t make us money. Coming to the present scenarios, the sudden surge in BTC yesterday lead to a surge in the mean hash rate as well, which, is since connected with BTCST, lead to a price surge. However, I believe there were multiple factors affecting this surge and the hash is just one of them.
Has it ever happened that BTCST was independent of Hashrates?
Short answer, Yes. According to a tweet by BTCST from July 24, 2021, the BTC mean hash rate fell significantly, yet the Standard Hashrate group were able to maintain a hashrate of 150 Pentahashes.
Leading to an increase by UPTO 34% to BTCST stakers, which means you get more rewards just by staking.
BTCST technical analysis
According to our Technical analysts, as of now the BTCST price bounced from the 2nd bottom and showing good bullish strength. Further, it is currently facing resistance and if it breaks we’ll see a good move upward. However, in case the price rejects from the current resistance it will create a pattern of the cup and handle and will bounce from the marked support.
What is the Standard Hashrate Group Planning next?
You might have heard that El Salvador became the first country to accept Bitcoin as a legal tender. And following up on this the Bitcoin Hashrate Group announce on their Twitter that they were cooking something interesting.
And now, since El Salvador is on the move to mine Bitcoin using Volcanic energy it is evident that more miners would be shifting to the country for greener energy resources for Bitcoin mining.
A Brief History of BTCST
The token was launched in December 2020 with an initial supply of 1M BTCST. According to a blog post on Binance, the platform owns 4% of the initial circulating supply, and the rest was allocated to the initial tokenising miner.
How to Buy BTCST?
It is has been evident until now that BTCST can prove out to be a good investment. Moreover, not only this, but you can also use the free GRID bot by Pionex to trade in a specified interval. Moreover, the bot will automatically buy and sell on your behalf, and it’s all free. To learn more, read our Pionex review, else
The article was originally published on: https://blog.coincodecap.com/btcst-analysis-7-october-2021
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Everything written in this article is what I believe and it is highly likely that your thoughts differ from mine (obviously we’re two different people). Therefore, take this article as light reading and if you don’t like the content, just forget if you ever read it!
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