Bitcoin has once again incurred a massive amount of volatility that has made it increasingly unclear as to where BTC and the aggregated crypto markets are heading in the future. This volatility, which came about after a bullish move yesterday, may prove to be negative for the crypto if it is unable to find any strong support.<\/p>\n
During times of great volatility and unclarity, analysts and traders alike often turn towards an asset\u2019s fundamentals for insight into which direction it is heading next, and one strong fundamental factor may point to a continuation of BTC\u2019s bullish momentum in the near-term.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down marginally at its current price<\/a> of $12,430, which is down significantly from its 24-hour highs of $13,000 that were set earlier this morning.<\/p>\n Today\u2019s drop signals that BTC\u2019s bulls are not yet ready to propel the cryptocurrency higher and it may require a longer period of consolidation before it once again begins its upwards journey back up towards its 2019 highs of $13,800.<\/p>\n Although today\u2019s drop came as a surprise to most analysts and investors alike, it is important to note that Bitcoin still has incredibly strong fundamentals that will likely help lead it higher in the near-future.<\/p>\n One of these factors is BTC\u2019s hashrate, which has recently incurred its fastest growth in the history of BTC, which is one robust fundamental factor that could lead the cryptocurrency significantly higher.<\/p>\n \u201cThe Bitcoin network hashrate has just recorded its fastest growth in history. Bitcoin’s total hashrate (on a 7-day moving average) has increased by 13.11 EH\/S over the past 30 days – its fastest pace ever. What does this mean for the price of #Bitcoin?\u201d Binance Research \u2013 the research arm of cryptocurrency exchange Binance \u2013 noted in a recent tweet.<\/p><\/blockquote>\n The Bitcoin network hashrate has just recorded its fastest growth in history. $BTC<\/a><\/p>\n Bitcoin's total hashrate (on a 7-day moving average) has increased by 13.11 EH\/S over the past 30 days – its fastest pace ever. <\/p>\n What does this mean for the price of #Bitcoin<\/a>? pic.twitter.com\/0rzENUUdzP<\/a><\/p>\n — Binance Research (@BinanceResearch) July 9, 2019<\/a><\/p><\/blockquote>\n\n