Bitcoin Standard Hashrate Token was launched on Binance Smart Chain (BSC) in December 2020 which is guaranteed by Bitcoin (BTC) Hashrate and it is estimated each token represents 0.1 TH/s of Bitcoin mining power with an efficiency rate of around 60W/TH.
The Standard Hashrate Group is the backbone to the establishment of the BTCST token and is also supported by industry -scale Bitcoin miners who as a whole represent 12% of the global BTC hashrate in February 2021.
The main goal of BTCST is to increase liquidity and efficiency in the mining energy market as well as indirectly to provide exposure to consumers on the rewards of mining at low cost.
BTCST is a token guaranteed by the power of Bitcoin mining and by using BTCST, the holder will earn Bitcoin on a daily basis according to the mining strength used.
Interesting to note on the BTCST chart,
The BTCST price movement once exhibited a jump of over 1,400% which only took about 50 days to hit an all -time high (ATH) at the $ 497 price level.
But the surge came to a halt when BTCST underwent a redenomination on March 15 before re -trading on March 19 at a price of around $ 37.
Just after the redenomination the BTCST price movement moved slightly downward and flat before returning to make a jump above 200% and subsequently having recorded the latest ATH level around $ 93.
But at the end of May, the BTCST price was seen to continue to decline to the support level of $ 26 and on June 22 the price movement continued to the lowest support level around $ 16 which is the level at the opening of the 2021 market.
If the BTCST price movement continues to maintain a bearish trend, the price is likely to re -test the $ 16 support level before continuing to decline.
A lower decline will push the BTCST price to record an all -time low (ATL) for the 2021 market movement.
If the price returns to the jump, the price is expected to jump back to the support level of $ 26 and may continue to make the rise to the next resistance level around $ 30.
If the BTCST price movement manages to make a move to continue to jump higher, the price is seen to be heading to the level of SBR (support become resistance) around $ 37 before giving a clear signal for the direction of the next price movement.
As of 11.30am local time, the BTCST price has declined by more than 5% to trade at a price level of around $ 0.20.
