We’re seeing a consistent hashrate uptrend of 4 higher highs and as many higher lows since the March 20th low of 85E, with yesterday being our best day since the Coronavirus carnage cast it’s ugly shadow over the entire cryptocurrency market leading to a 58% price drop in 24 hours just 2 weeks ago.
Yesterday logged an impressive hashrate of 114.48E, which is decisively higher than the 108E hashrate that was logged just before the brutal 58% price drop. These signs of recovery on this key metric further prove miner confidence in the first cryptocurrency and controversial safe haven asset.
Average Transaction Fee Also Recovers, proving network stability
Even more interestingly, the average transaction fee has improved greatly to levels not seen since March 1st, when Corona was something people drank instead of quarantined away from each other to avoid. An improving average transaction fee boasts network strength and the ability to move around funds quickly and cheaply, bitcoin’s chief advantage over it’s yellow frenemy, gold.
Bitcoin Price is also Recovering, exhibiting clear uptrend since March 12th
At the time this article is being written, the bitcoin price is also up sharply on improve virus conditions. Based on the recent stimulus efforts of many countries around the world and improving key Bitcoin metrics, we could likely see a new all time high in the next few months as Bitcoin emerges a clear winner in the post-coronavirus economic landscape.
We’ve heard extensively that the Bitcoin price is tied to the stock markets performance recently, with many analysts posting overlapping charts proving the correlation.
This is beautiful really, I’ve always wanted to trade the SPX, now I get to. pic.twitter.com/nY2eb9nBJW— DonAlt (@CryptoDonAlt) March 24, 2020
Now that we have a general sense of happiness on wall street (despite the apocalypse happening on main street) the Bitcoin price will likely trend higher up this week, but when we take into account the copious amount of fiat currency being printed and the increasing need for a safe haven from the disastrous effects of inflation during a literal gold shortage, and the fact that the halving is just around the corner – we may see explosive upwards movement very shortly.