When, within 24 hours, in mid-March, the BTC rate collapsed from $ 7,700 to $ 3,700, the community once again began to discuss the death of Bitcoin:

Also, as in the case of any such dump, the headlines about “surrender of miners” and “deadly spiral of miners” appeared on the front pages of the media. According to one theory, in the event of the collapse of BTC prices, miners cease their activity and liquidate asset stocks, thereby creating a repeating round of the “death spiral”, which gradually destroys the market.

But this did not happen again, and the leading cryptocurrency once again demonstrated an impressive recovery. In fact, recent statistics show that the cryptocurrency network is recovering faster than ever, which proves the viability of Bitcoin and the entire industry.

Bitcoin Hashrate Up 64% From March Low

According to a April 16th Glassnode report, the BTC hashrate recovered 64% from the low point of the March fall, which was recorded a few days after the dump of the exchange rate to $ 3,700.

Then this indicator dropped to 82 exams per second (EH / s), and a few days ago the metric was at the level of 130 EH / s. The trend was somewhat stabilized by adjusting the complexity of BTC at the end of March by -17%, which simplified the process of finding blocks and was reflected in the hashrate.

Glassnode analysts noted:

Bitcoin's hash rate quickly recovered from a recent fall, showing a clear uptrend as it approached the halving.

Moreover, last week's local maximum came close to a record of about 145 EH / s. The historical peak was recorded when cryptocurrency was trading around $ 10,000.

It is generally accepted that the recovery of hash after the surrender of miners indicates the achievement of the lower price point of the bear market.

BTC network usage is growing

This is by no means the only indicator that indicates that Bitcoin is alive and well even after a 50 percent dump.

In fact, recently the number of BTC users has increased significantly. As crypto analyst Josh Olshevich of Brave New Coin noted, the weekly rate of active BTC addresses recently reached a 9-month high, breaking the levels of late 2019 and early 2020:

This is an important signal, as the previous leaps of this key metric coincided with the start of the bull rally. For example, the indicator of active addresses began to grow at the beginning of 2017, preceding the rise in prices to $ 20,000. The same warning growth was noted at the beginning of 2019.

Olshevich noted the growth of an important metric a few days after Glassnode analysts published statistics on the "daily growth of new entities using the BTC network." For seven days, the average daily value increased from 6000 to 17000. The last time this indicator was at such a high level in April 2019 at the start of a 300 percent BTC rally to $ 14,000.