On April 16, cryptocurrency market analysis firm glassnode tweeted about Bitcoin’s hash rate - which has shot up by 64% since near its lowest point in March. The firm suggests that the upward trend is linked to the halving, which hodlers are preparing for and which is due around May 14 2020. 

Bitcoin’s price crash, which fell as other markets were tumbling, was short lived, with the token quickly rebounding to $6000 resistance levels - and even briefly flirting with prices over $7000. 

At that low point in March, around March 19, the network’s hash rate was 82 Exahashes/second; it now stands at about 130 Exahashes - a remarkable rise that to a degree quells the negativity surrounding Bitcoin’s growth. The current hashrate is roughly 120 Exahashes/second.

This growth in hash rate (partially driven by lower mining difficulty) is accompanied by an increase in activity on the network, including active addresses being at a 9 month high. This has typically preceded a bull run. 

In combination with the increased hash rate and upcoming halving, which many anticipate highly, many in the community are hopeful for an extended bull run. 

Insiders and experts have concurred that Bitcoin could reach or surpass its all-time high this year. BitMEX CEO Arthur Hayes has said that Bitcoin will, while Silk Road founder Ross Ulbricht has also hinted that there could be a bull run, though his prediction is much more sober. Both have predicted that Bitcoin could touch $3000 levels before springing back up to much higher levels. 

Well known cryptocurrency analyst PlanB has said that the latest trends in difficulty adjustment would have shown that “miners have great confidence and are investing billions in new mining hardware.”

Bitcoin’s current market cap is roughly $128 billion, with its price being just under $7000. The number of large transactions - over $100,000 - in the last 7 days have amounted to about $20 billion