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Over the past few weeks, investors have begun to doubt the veracity of the assertion that “BTC is on the verge of its next bull run.”
While there are reasons to believe this is the case, an analyst has asserted that per one key metric, the Bitcoin price has “never been more bullish.”
The past few weeks have undoubtedly been weak for the cryptocurrency market; the BTC price has collapsed from the $10,500 high to a price as low as $8,400 established just this weekend, while the hash rate of Bitcoin has stagnated.
But, according to the latest data from Blockchain.com, miners are once again allocating many resources to the security of the world’s largest cryptocurrency.
Case in point: the hash rate of the Bitcoin network reached a new all-time high of 136 exahashes (or 136,000,000 terahashes) per second just two days ago – nearly three times higher than it was one year ago.
Commenting on the significance of this, crypto price tracking app Blockfolio wrote:
“As Wall Street experiences the worst week since the 2008 financial crisis, Bitcoin’s hash rate has just reached a new all-time high. 136,264,908 tera hashes per second.”
This optimism has been echoed by analyst RookieXBT, who noted on Tuesday that the hash rate is almost “~940% from where it was when Bitcoin (BTC) was at an all-time high” of $20,000.
This, RookieXBT wrote, is a sign that “Bitcoin has never been more bullish.” Indeed, growth in the hash rate of the network suggests at least two things: 1) Bitcoin miners are confident in the long-term success of the cryptocurrency (especially in terms of price) and allocate more resources to the security of the network; and 2) the technology of mining machines is being improved on, resulting in the increase in hash rate.
Chainlink (LINK) Nears $5 All-Time High Unfazed by Bitcoin Price Slump
Chainlink’s (LINK) 27.48% gain over the past four days shows that the altcoin continues to function as an outlier when compared against the recent performance of other cryptocurrencies.
This strong recovery from the swing low at $3.30 to $4.79 has LINK now approaching its previous all-time high at $4.86.
Unlike Bitcoin (BTC), LINK trading volume has shown that traders are excitedly buying each dip and the candlesticks of the past 3 days clearly show that a strong reversal has occurred.
In the daily timeframe, the moving average convergence divergence (MACD) shows a bull cross between the MACD and signal line and the histogram has recently popped above 0, a rather compelling move considering that the altcoin has already gained 26.57% since March 2.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.