Literally all global markets crashed in the past few months because of the current coronavirus pandemic. Crypto was not spared. In February, we saw the peak of $10,500 for BTC but now, the value went down by 33%, just like with all global commodities and equities. Even so, there is a lot of data that the cryptoindustry is still strong and that a bull run will soon be reality.
Here’s why.
Metrics
ShakePay observed that Bitcoin was not fazed, even if we are looking at the biggest economic collapse of the century. In reality, there are more active addresses than ever, reaching a multi-month high, with 840,000 addresses. This is very important because this is the metric that grew when price rallies started in the past. Bull trends were cemented by the metric remaining consistently high.
There are so many other metrics that showcase Bitcoin network resilience. As an example, the hash rate recovered 64% from the lowest March date, which was right after the $3,700 crash happened. At that time, hashrate per second is 82 and now it is 130, close to 140, which would be an all-time high.
The Industry Has Money Coming In
We see capital constantly being rushed into the crypto industry, making it stronger. Frank Chaparro from The Block, declared:
“From a trading perspective, we continue to onboard new clients every month and are seeing significant pipeline growth. And in recent weeks, we’ve seen more momentum across our business.”
Speaking about retail, A Kraken (BTC exchange) spokesperson declared for Decrypt that there was an increase of 83% in sign-ups and a 300% increase in “intermediate verifications”, which are needed for accounts to instantly deposit fiat currencies. Luno, Paxful, Bitfinex and OKEx also confirmed that a notable volume and sign-ups increase appeared.
All this appears as Bitcoin halving will happen, when coins issued per block will fall by half. This event will happen in under one month.
