Bitcoin (BTC) has become a classic sign of an impending bullish wave that’s in its historical phase as miners invest more and more resources in the future.
According to data from monitoring provider Glassnode on Friday, the fragmentation rate of the Bitcoin network exceeded the total number of times per second for the first time in history.
Hash rate confirms miners commitment
Given the growing long-term trend, crossing large boundaries means the hash rate has doubled in less than nine months.
Average Bitcoin hash chart. Source: Glassnode
In gratitude for the computing power allocated to the mining network, the hash rate has traditionally served as an early signal of an imminent rise. Price movement, as noted by many sources over the years, tends to follow any significant leaps from weeks to months.
However, as reported by Cointelegraph, hash rate is just one of the few calculations on the chain that are erupting with bullish force this year.
Commenting on its relationship to price, bitcoin series expert Anthony Pompigliano stated that new highs for BTC / USD were consistently projected the same way through previous activity on the chain.
“This is not surprising since last week’s speech described a very bullish setup for the chain and it was just a game of waiting for price to break out of consolidation,” he wrote in his latest newsletter on Friday.
Buy Coinbase Squeeze Sweeps
Meanwhile, optimism prevailed that day along with the so-called Coinbase Premium, which is a measure dedicated to the difference in bitcoin price on the main exchange platform, Coinbase, compared to its associated trading platform, Binance.
As data source CryptoQuant points out, the higher the premium, the greater the implicit buying pressure on Coinbase. The current rate is 0.33, rising sharply overnight.
Coinbase Premium and BTC / USD chart. Source: CryptoQuant
Coinbase successfully debuted on the Nasdaq earlier this week, bringing the profile and cryptocurrencies to a largely new, standing audience.
Bitcoin itself, however, has yet to undergo a transformation – the price has dropped from the highs it saw before Coinbase was officially released to retest the $ 60,000 support thereafter.
The area around $ 61,200, described as critical for maintaining bullish momentum, failed to secure the interests of the bulls.
Turkey’s move to ban cryptocurrency transactions, even though they had little to do with the industry as a whole, did not help to get a feel for when the news emerged earlier in the day. The ban will take effect on April 30.