Recent reports suggest BTC's hash rate is gradually rising up, will this lead to bring a positive sentiment among crypto investors?
Since Dec 2021, the world is going through a major financial crisis due to rising inflation across worldwide. The prices of food and energy have jumped a lot since some major conflicts currently happening around. The Major Stock Market Indexes such as S&P 500, FTSE 100, Dow Jones, Nasdaq etc have fallen from their ATH in Nov 2021. Also, the crypto crashes such as LUNA's UST depegged event have made a contribution.
While the stock markets and global currencies have been falling down, BTC is showing some positive sentiment among the crypto community as its mining hashrate is gradually increasing and recently it has crossed 320 EH/s (320,000,000,000,000,000,000 H/s), it simply means that more people (miners) are interested in securing the bitcoin's mining & transaction network which is really good for bitcoin and eventually will help in long term bull run.
In short, this could be a sign of a possible recovery as soon as the bear market ends. Moreover, the BTC halving event, possibly by May 2024 could impact its price and lead it to its new ATH. As of now, at the time of writing this article, Bitcoin is trading at $19,200 with a market cap of $368.2 Billion.
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