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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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