Bitcoin Fundamentals Booming: BTC Blockchain Hash Rate Surging, Breaking Transaction Records
Bitcoin price has revived since hitting it's yearly low at $3,200 in December last year as it sees an increase of 50 percent in 2019. The flagship cryptocurrency went to five months high at above $5,800 and is currently trading near $5,600.
Apart from price, the fundamentals of Bitcoin network are also growing. The hash rate of the network has been surging at a fast pace since dropping down in mid-December. While seeing a continuous rise, it is also close to reaching its all-time high.
Bitcoin Hash Rate, Source: Blockchain.com
On May 2nd, it reached its highest at 58.1 TH/s close to reaching its peak at 61TH/s from late October 2017. The increased hash rate is the indication that people are here for the long term but sometimes it also means they are here for clearing their bags, but with BTC price on an uptrend, miners seem to be interested in the next peak.
In 2019, the hash rate is up 38 percent while the price has surged over 50% in 2019 and only 6 percent from its all-time high hash rate. However, yesterday it dropped down to 48.9 TH/s.
Lower hashrate, higher price, happy miners 👇 pic.twitter.com/rCpz4tPF4K
— acrual (@acrual) May 4, 2019
Hash rate can be taken as a measure of the market sentiment. At the moment price wise, the demand is back and bulls are ecstatic. As price rises, miners flock to mine Bitcoin as it is more profitable than other digital assets like Bitcoin Cash (BCH) and Bitcoin SV whose median transaction value is minuscule in comparison to the flagship cryptocurrency.
Another positive thing came into the form of transactions on the Bitcoin network. On May 1st, the network also saw record daily transactions at 439,378 transactions in a day. Before this, on April 11, we saw the Bitcoin network hitting 402,645. Back in December 2017, we saw the highest record at 490,459.
The technical indicators and fundamentals all are painting a bullish picture currently that has the price trending upwards. In the coming months, after experiencing a correction as vastly expected by the experts, we might be well on our way to another bull cycle.