Altcoin Season Heats Up as BTCST Gains 570% in a Week

The crypto asset at number 216 by market capitalization has gained more than 570% at one point in the past week.

The little-known Bitcoin Standard Hashrate Token (BTCST) rose from a weekly low of $ 13.55 to a high of $ 91 last Thursday, up 571.59%.

Since then, utility bills have dropped to $ 42.2 at press time, a 53.63% decrease from the high.

BTCST / USDT daily chart | Source: TradingView

BTCST is a token that is backed by the Bitcoin mining power. The project aims to create a market and increase liquidity for Bitcoin mining so that investors can benefit from Bitcoin mining without buying BTC mining equipment.

follow White paper of the project.

“By standardizing and coding the mining power in BTCST and listing tokens on exchanges, we can bring liquidity to the mining market while meeting the requirements of miner traders.”

BTCST’s staking also enables holders to earn Bitcoin mining rewards. After side network of the project, the total value locked in BTCST is $ 237.23 million, distributed across 10,933 addresses.

Bitcoin’s hash rate has rebounded since China put a Bitcoin mining ban in late June Blockchain.com. The hash rate is used to measure the processing power of the Bitcoin network.

The BTCST boom happened when the price of Bitcoin rose steadily over the past week. According to Coinmarketcap, BTC is currently trading at $ 56,243.36, up nearly 12.98% over the past seven days.

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According to Dailyhodl

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