Bitcoin continues to show strength, and yesterday recorded a high of $59k on some exchanges. At the same time, the fundamentals underlying the market are getting stronger every day. According to data by CryptoQuant, the hash rate for the leading crypto asset is at an all-time high, reaching 1794 EH/s yesterday.
While this is not an indicator that BTC is about to rally, it is usually a strong indicator of the direction. This is quite evident because after it hit an all-time hash rate, the price spiked shortly after to $59,101.
There is also the fact that miners are not selling their Bitcoin. According to CryptoQuant CEO Ki-Young Ju, miners are now accumulating on Bitcoin and are no longer mining and selling. For miners that need to buy new equipment, there has been a growing tendency to buy new equipment in cash rather than liquidating their BTC to buy equipment. This is a strong indicator that they are bullish on Bitcoin and expect to get better prices in the future.
This is all an indicator that the crypto market has come of age and that Bitcoin is a mainstream investment. Over the last couple of months, it has drawn strong interest from institutional players, especially JP Morgan banks.
Companies such as Tesla have also made the crypto king a form of payment, an indicator of the crypto’s growing acceptance. With talk of Bitcoin ETFs by influential organizations in the U.S., the market has an exciting future ahead of it.