Crypto exchange Kraken has released a report that accounts for some of the key reasons behind Bitcoin’s recent surge past the $50,000 barrier.
“Bitcoin reclaiming $50,000 comes off the back of strong technicals and fundamentals, as well as miners coming back to the network two months after they were regulated out of China,” Pete Humiston, manager at Kraken Intelligence, told Decrypt.
One of those key fundamentals is hashrate.
“After hitting a three-year low in July, hashrate is now at the same level to where it was earlier this year. Higher hashrate makes the network more resilient and reflects stronger demand for Bitcoin, both of which bolster Bitcoin’s store of value narrative,” Humiston added.
Bitcoin’s recent fundamentals
According to the report, Bitcoin’s August 2021 performance saw a monthly return of 14%.
Trading volume also rose to what the report describes as a “respectable +17% to $136 billion after tumbling to an eight-month low of $116 billion in
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