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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Bitcoin’s Network Fundamentals Turn Bullish—Here Are The Details

Samuel Edyme
Samuel Edyme
11 months ago
3 mins read
Bitcoin’s Network Fundamentals Turn Bullish—Here Are The Details

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Amid the ongoing Bitcoin price correction after attempting to reclaim $70,000 on Monday, a CryptoQuant analyst known as Mac.D has highlighted key shifts in the asset’s network fundamentals.

This key shift in Bitcoin’s network fundamentals includes the rise in Bitcoin’s hashrate, which has surged to an all-time high, marking a significant milestone for the network.

According to Mac.D in a recent post on the CryptoQuant QuickTake platform, the rise in BTC hashrate, which measures the computational power miners use, suggests “intensified competition” among miners, driving up the mining difficulty to unprecedented levels.

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The Signals: Active Addresses And Mining Difficulty

This increase in mining difficulty indicates Bitcoin’s growing intrinsic value. According to Mac.D, for long-term investors, commonly called “SmartMoney,” this makes Bitcoin an increasingly attractive investment.

Historically, a higher hashrate and mining difficulty are positive indicators for the Bitcoin network, reflecting strong miner activity and a more secure network. The analyst’s observations come as Bitcoin has recently experienced a recovery in price after months of consolidation.

Another important factor contributing to Bitcoin’s positive network fundamentals is the surge in active Bitcoin addresses. Mac.D pointed out that the number of active addresses, measured over 30 days, has risen steadily since mid-September.

This increase in active addresses indicates greater user engagement with the network as more people send and receive Bitcoin.

#Bitcoin Network Fundamentals Turn Positive

“Bitcoin’s network fundamentals are exhibiting patterns similar to those observed during previous bullish periods. Even if a correction or consolidation phase occurs in the near future, there is a strong likelihood of a positive trend… pic.twitter.com/XBWCmNymKT

— CryptoQuant.com (@cryptoquant_com) October 23, 2024

Increase In Bitcoin Network Fees

In addition to the rise in active addresses, Bitcoin’s total network fees have also increased, driven by a spike in on-chain transactions. Mac.D noted that this pattern is typical during bullish periods, where a price rally leads to more transactions increasing network fees.

The rising fees and the surge in active addresses point to heightened network activity—a positive sign for Bitcoin’s overall health and adoption.

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The analyst also compared the current network activity to previous bullish periods, noting similarities in on-chain behaviour. The analyst noted:

Even if a correction or consolidation phase occurs in the near future, there is a strong likelihood of a positive trend emerging.

Notably, the increasing hashrate, rising transaction volume, and surging network fees all contribute to a more solid Bitcoin ecosystem, signaling that the network is becoming more resilient and attractive to miners and investors.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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