• As Bitcoin continues to rise, a little-known altcoin has grown by over 360 percent in just one week

  • The price of the 211th-ranked crypto asset by market capitalization increased by more than 360 percent in the last week.

    Last Thursday, the little-known Bitcoin Standard Hashrate Token (BTCST) skyrocketed from a weekly low of $16.06 to a high of $75.23, a 368.43 percent increase.

    According to CoinGecko, the crypto asset has since dropped back down to $44.56 at the time of writing, a drop of more than 40.7 percent from its high.

    BTCST is a cryptocurrency backed by standardized Bitcoin mining power. The project aims to make a market and increase liquidity for Bitcoin mining, allowing traders and investors to make gains on Bitcoin mining while eliminating the need to purchase expensive BTC mining equipment.

    Per the token’s whitepaper,

    “By standardizing and tokenizing mining power into BTCST and listing the token for exchange trading, we can bring exchange-grade liquidity to the mining power market while meeting traders’ need for mining exposure.”

    Staking a BTCST token on-chain also enables holders to earn Bitcoin mining rewards. According to the project’s website, the total value locked in BTCST is $237.23 million, which is spread across 10,933 addresses.

    According to Blockchain.com, Bitcoin’s hash rate has recovered since China imposed sweeping restrictions on Bitcoin miners in late June. The hash rate is a measure of the Bitcoin network’s processing power.

    BTCST’s price increase coincides with Bitcoin’s price increase this week. According to CoinGecko, BTC is currently trading at $57,430.10, up nearly 19% in the last seven days.

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