Bitcoin (BTC) – The golden cross many analysts predicted at the start of the previous month seems to be here as most coins trend on the rising wedge with no day without an added value since the start of the week.
Bitcoin (BTC), the trend leader, continues to maintain its dominance in the market with no sign of losing the leadership position. However, the recent growth in the hash rate of the cryptocurrency gives much hope for the awaited Bull Run, with indications that it is just around the corner.
The consistency Bitcoin is maintaining in the market is yet another point, and it has drawn series of speculations over the past few weeks as its price surges up. Some claimed its volatility will soon initiate another market dip, while certain optimistic observers opined that a remarkable price rise is imminent.
The 4H market data also attest that Bitcoin (BTC) is gibbering for a price surge as the ring leading adds up 4% to its value against the US dollar in the last 24 hours. At the moment, the brief rally has been able to push Bitcoin up to just an inch away from the $6000 resistant mark, which seems unattainable in the last few days.
Thanks to the successive trend Bitcoin has been maintaining since the start of the previous week, 1 Bitcoin (BTC) is now trading above 5900 US Dollars, and investors are already getting a favorable frame to lean their faith.
A market analyst identified as Kevin Rooke recently revealed that the hash rate of Bitcoin, since the start of 2019, has been increasing successively.
Bitcoin hashrate is exploding.
📈 Up 38% in 2019
👀 Only 6% from all-time highs pic.twitter.com/6dJjuQ3emN
— Kevin Rooke (@kerooke) May 4, 2019
What is the Link between Hash Rate Cryptocurrency Growth?
Hash rate is measured in hash/sec. It is referred to as the rate at which miners mine a particular digital currency and it can also be termed as the speed at which a crypto code is solved by a miner.
Higher hash rates indicate more mining opportunity and relatively more block reward as end product.
However, Kevin Rooke’s tweet sheds more light on the rationale behind the consistency of Bitcoin (BTC) growth in the market. The stable resistance Bitcoin is maintaining against the bear can be connected to the increased mining rate of the crypto coin.
According to Rooke, Bitcoin (BTC)’s hash rate has increased by 38% in 2019. Even though the percentage rise in the price of Bitcoin is above this, there are links between the two based on history.
While a number of analysts are still visionary that the bull run is close, the fact that Bitcoin’s hash rate is just 6% away from its all time high also signals an imminent price run up.
Bitcoin (BTC) Had 3rd Highest Transaction in History on May 1
Meanwhile, Kevin Rooke had on Thursday, May 2nd, 2019 shared that Bitcoin (BTC) had its 3rd highest daily transaction in history on 1st May 2019 with 439,378 BTC.
Bitcoin just did 439,378 transactions yesterday.
Only two days in Bitcoin history have seen more transactions.
Last week's chart is already out of date 😅 pic.twitter.com/2PHKV6I6xr
— Kevin Rooke (@kerooke) May 2, 2019
This increase in transaction can be attributed to a huge 40,000 BTC payment (relatively $214 million) made by a crypto whale on that same day.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 40,000 #BTC (214,310,470 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) May 1, 2019
In conclusion, the above signs and the glaring growth featured around Bitcoin (BTC) over the past few days are noteworthy, and can be listed as indications that BTC is possibly ready for a significant Bull Run that would take the crypto space by surprise.