Bitcoin (BTC) has seen a classic indicator of an upcoming bull run pass a historic milestone as miners deploy more and more resources for their futures.
According to data from on-chain monitoring resource Glassnode on April 16, Bitcoin’s network hash rate has passed the total number of exahashes per second (EH / s) for the first time in its history.
The hash rate underscores the dedication of miners
As a spike in a long-term uptrend, crossing the significant limit means the hash rate has doubled in less than nine months.
An estimate of the computing power assigned to the network by miners, the hash rate traditionally acts as an early signal that a bull run is imminent. Price moves, as various sources have noted over the years, tend to follow big hikes weeks or months later.
However, as Cointelegraph reported, hash rate is just one of many on-chain metrics flashing solidly bullish this year.
Commenting on their relationship to price, investor and Bitcoin serial expert Anthony Pompliano argued that new record highs for BTC / USD were similarly predicted by previous on-chain activity.
“This comes as no surprise as last week’s letter describes a very bullish setup on the chain and was just a game of waiting for price to break out of consolidation,” he wrote in his latest newsletter on Friday.
Buying pressure, Coinbase is sweeping
Meanwhile, the optimism of the day joined the so-called “Coinbase premium,” a measure devoted to the difference in the price of Bitcoin on the major exchange Coinbase versus fellow trading platform Binance.
As noted by data source CryptoQuant, the higher the “premium,” the more implied buying pressure Coinbase sees. Currently the figure stands at 0.33, a sharp increase overnight.
Coinbase successfully debuted on Nasdaq earlier this week, bringing its profile and that of cryptocurrency wider to a new mainstream audience.
However, Bitcoin itself has yet to undergo a transformation, with the price dropping from the highs just before Coinbase was made public to repeatedly test $ 60,000 support thereafter.
An area around $ 61,200, described as critical to maintaining upward momentum, failed to secure the bulls’ interests.
Turkey banning cryptocurrency transactions, while practically irrelevant to the industry as a whole, did not help the sentiment as the news broke earlier in the day. The ban will take effect on April 30.