The Bitcoin network’s hash rate has exceeded the total number of exhashes per second (EH/s) for the first time in its history, according to on-chain tracking resource Glassnode on the 16th. April has been announced.
hash frequency highlights miner’s deployment
Exceeding a significant threshold means that the growth of the snag has doubled in less than nine months.
Average bitcoin hash price chart. Source: Glassnode
When estimating the amount of computing power allocated to the network by miners, the hash rate traditionally serves as an early signal of an impending increase. As several sources have noted over the years, prices tend to follow any significant increase several weeks to several months later.
However, as Cointelegraph reports, this year’s hash level is just one of many indicators flashing on the chain, which is a strong bullish factor.
Bitcoin investor and serial theorist Anthony Pompliano stated in his price commentary that the new all-time highs for BTC/USD were similarly predicted by previous cycle activity.
This is not surprising, as he wrote in his last Friday newsletter last week that the letter described a very bullish setup on the channel and that we just had to wait for price to break out of the consolidation.
Purchase of coin-operated push buttons
The optimism was bolstered by the so-called Coinbase premium, a measure that shows the difference between the price of bitcoin on the main exchange Coinbase and other exchange platforms such as Binance.
As noted by news source CryptoQuant, the higher the premium, the higher the implied buying pressure on Coinbase. The value is currently 0.33 and has risen sharply overnight.
Premium Coinbasecompared to the BTC/USD chart. Source: CryptoQuant
Coinbase successfully debuted on the Nasdaq earlier this week, bringing its profile and that of cryptocurrencies in general to a new core audience.
Bitcoin itself, however, has yet to see a change, with its price dropping from the highs reached just before Coinbase went public to test the $60,000 support, which has been tested several times since.
Territory in the $61,200 range. The $1.5 billion, considered essential to maintaining upward momentum, has not attracted the interest of the bulls.
Turkey’s decision to ban cryptocurrency trading, while virtually irrelevant to the sector as a whole, did nothing to improve sentiment when the news broke earlier today. The ban will be lifted on April 30. take effect.
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