Bitcoin has faced a strong correction over the past few weeks as legacy markets have collapsed from local highs. The leading cryptocurrency currently trades at $10,250, over $2,000 below the year-to-date high at $12,500.
Bitcoin’s on-chain trends remain bullish despite the strong correction.
Along with a persistent high count of transactions, it was recently reported that BTC’s network hash rate is moving higher.
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Bitcoin Hash Rate Still Growing Despite Price Drop and Miner Outflows
Digital asset manager Charles Edwards, a large proponent of using miner trends to predict Bitcoin’s price movements, recently noted that BTC’s hash rate is breaking out.
This breakout comes after the metric, which tracks how much computational power is allocated to mining Bitcoin, consolidated near its all-time highs near 130 exhashes per second for a number of weeks.
This breakout means that Bitcoin’s hash rate has hit an all-time high value, according to Blockchain.com data. Other sites, such as BitInfo Charts, have also indicated that they are seeing Bitcoin’s hash rate hitting new all-time highs.
Bitcoin Hash Rate breaking out! pic.twitter.com/pjArHFM88V
— Charles Edwards (@caprioleio) September 13, 2020
Edwards’ prominent “Hash Ribbons” signal, which derives signals from movements in the Bitcoin hash rate, suggests that the cryptocurrency is currently embroiled in a bull trend.
The Hash Ribbons indicator has predicted many of BTC’s major exponential trends. If history is any indication of future results, there’s a good likelihood that Bitcoin is in the early earnings of a parabolic growth phase.
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One of Many Bullish Fundamental Trends
The booming hash rate is one of many bullish trends for the leading cryptocurrency.
As reported by NewsBTC, the number of investors owning one Bitcoin, so-called “wholecoiners,” has hit a new all-time high:
“Unfazed by BTC’s price swings, the number of network addresses holding at least 1 BTC has shown a continuous growth over the years. The number of ‘wholecoiner’ addresses hit another ATH yesterday, closing the day above 823k for the first time.”
This suggests an increasing distribution of BTC from whales and an increase in the number of users in the industry.
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Photo by Glenn Carstens-Peters on Unsplash Price tags: xbtusd, btcusdt, btcusd Charts from TradingView.com Bitcoin's Hash Rate Surges Higher Despite $2,000 Price Correction
