Bitcoin -Fundamental Reasons to Be Bullish
As if we need anything to remain bullish – but just in case, here you go
Fundamental Reasons to Be Bullish Despite the 66% Drop From Bitcoin’s ATH: Researcher
“The first notable on-chain metric, as reported by the researcher, is the Bitcoin hash rate. Average network horsepower is currently near peak levels of 327 EH/s (exahashes per second), according to Bitinfocharts. It peaked in late February, with Neureuter noting:
‘The solvency issues many publicly listed miners cited last year appear to have subsided for now as new machines continue to find their way online to secure the network.’
Bitcoin’s premier scaling solution, the Lightning Network, is also at an all-time high in terms of BTC locked into channels.
Furthermore, the number of coins that haven’t moved in the past year has reached a new peak. More than 67% of BTC has not moved in the past 365 days as hodler conviction strengthens.
On the same note, accumulation addresses have also hit an all-time high of 800,000, according to data from Glassnode.
Finally, the average block size also hit a new peak recently amid the Ordinal inscription craze. Higher demand for block space is likely to lead to an increase in network revenue, highlighting the long-term strength of the industry”