Bitcoin has faced a strong correction in the past few weeks as the old markets fell from local highs. The leading cryptocurrency is currently trading at $ 10,250, which is the year's high of $ 12,500. of over $ 2,000.
Despite the strong correction, Bitcoin's on-chain trends continue to rise.
Along with the persistently high number of transactions, BTC's network hash rate has been reported to go up recently.
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Bitcoin Hash Rate Is Growing Despite Price Drop and Miner Exits
Recently, digital asset manager Charles Edwards, a big proponent of using miner trends to predict Bitcoin price movements, said registered BTC's hash rate is breaking.
This break is followed by a consolidated metric that tracks how much computing power is allocated to Bitcoin mining, and near an all-time high of close to 130 exhibits per second for several weeks.
This boom means that Bitcoin's hash rate has reached an all-time high, according to Blockchain.com data. Other sites, such as BitInfo Charts, have also stated that they have seen Bitcoin's hash rate reach all-time highs.
Bitcoin Hash Rate is booming! pic.twitter.com/pjArHFM88V
– Charles Edwards (@caprioleio) 13 September 2020
Edwards' prominent "Hash Ribbons" signal, which received signals from movements in the Bitcoin hash rate, indicates that the cryptocurrency is currently sinking into a bullish trend.
The Karma Stripes indicator predicted many of BTC's major exponential trends. If history is any indicator of future results, Bitcoin is likely to be in early gains of a parabolic phase of growth.
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One of the Many Fundamental Trends
The rising hash rate is one of the many rising trends for the leading cryptocurrency.
As reported by NewsBTC, the number of investors owning a Bitcoin, the so-called "integrators," has reached an all-time high:
"The number of network addresses holding at least 1 BTC, unaffected by the price fluctuations of BTC, has grown steadily over the years. hung up on. "
This indicates 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