From a fundamental perspective, Bitcoin has never been stronger.
The benchmark cryptocurrency has evolved from being a speculative asset to a reserve asset that is being widely adopted by retail investors, funds, institutions, and corporations alike.
Its mounting strength in terms of its perception from investors has also taken place concurrently with mounting on-chain bullishness, as virtually every network metric is far stronger now than it was just a couple of years ago.
One example of this is BTC’s hash rate, which just set a fresh all-time high this week, now up over 36% from where it started the year.
Many analysts had previously warned of a “miner death spiral” resulting from the May block rewards halving event, but this has not come to fruition.
On the contrary, Bitcoin’s hash rate is now the strongest it has ever been and is showing no signs of slowing down as demand for the network remains incredibly high.
Bitcoin’s Underlying Strength Mounts