An old saying says, ”Use fundamentals to find what to buy and technicals when to buy”.
If we apply this to Bitcoin, every technical bullish sign serves as the potential to buy more since the fundamentals are looking better than ever.
A year and a half after reaching an all-time high, Bitcoin’s network improved a lot.
We are currently having a few times better version of Bitcoin than we had at the time it was printing the top.
Starting with the hash rate, yesterday we’ve just reached a new all-time high crossing above 70 million TH/s.
In the middle of December 2017, the hash rate was at around 15 million TH/s.
What is Hash Rate?
Hash rate is the measuring unit that measures how much power the Bitcoin network is consuming to be continuously functional.
While the price was falling down, the mining power has grown up for almost 5 times making the network way more secure.
The more miners and hash rate we have, the hard it will be to attain a required level at which you are able to attack the network and commit 51% attack.
If you forgot or you weren’t part of the crypto community in late 2017, we were waiting 3-7 days for our transactions to be confirmed.
I remember paying $30 fees to send $100. Even as a Bitcoin maximalist, it was too high and unsustainable.
In the meantime, the developers were working tirelessly, and the increase in mining power caused fees rate to be reasonable and way lower than it was in Q4 2017.
With the more secure network, faster transaction speed, lower network fees, we have everything set up for a new increase in price.
If the price follows network improvement, we can see new all-time high exceeding the previous one for 2 up to 3 times.
This is just a fundamental overview of the current blockchain ecosystem.
It is never a piece of financial advice nor we are financial advisors.
With the work that was done while the price was trending down, the network is ready to sustain way bigger traffic than it was in late 2017.
With that being said, every day we are getting closer the perfect version of the Bitcoin that was declared in the Satoshi’s whitepaper.
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Milos is an independent trader, with a background in journalism and publishing. Nomadic by nature, he’s lived in four different countries this decade. He’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives. Milos got into Bitcoin while completing his degree and hasn’t looked back since, writing about anything crypto-related. He is the co-founder of the Cryptoaims and he has a strong passion to educate people about this revolutionary technology.