- The next Bitcoin halving is expected to occur around April 2024.
- Bitcoin’s hashrate has reached a new all-time high of 497 EH/s.
- Long-term BTC holders are very confident in the future of the cryptocurrency.
- Bitcoin’s supply last active on-chain in the last year has reached a record high of 70.35%.
- BTC is expected to explore even higher highs after the next halving.
2024 is going to be an exciting year for the future of BTC. One can already tell from several warning signs that 2023 has left us.
Good examples are Bitcoin’s impressive price recovery, a possible break above $40,000 very soon, and the hype around a possible Bitcoin ETF.
Quite recently, several more metrics have spiked on BTC, and investors are as ready as ever.
Let’s see what some of these metrics are saying about BTC and everything you should know before April 2024.
The Bitcoin Network’s Hashrate Explodes
The next and fourth BTC halving is almost upon us.
This event, expected to cut Bitcoin’s block reward from about 6.25 BTC to about 3.125 Bitcoin per block, is expected to happen around April 2024 according to various estimates.
When this happens, the annual Bitcoin inflation rate will drop from 1.8% to 0.9%, and the cryptocurrency can explore even higher highs.
But this isn’t all.
According to data from Blockchain.com, the BTC network’s hash rate has spiked to a new all-time high.
Blockchain.com data shows that the BTC network’s hashrate has reached a new all-time high of 497 exahashes per second (EH/s) on Thursday, November 23, 2023.
This means that every second, miners around the world are performing 497 quintillion hash computations or 491,000,000,000,000,000,000 calculations.
It also means that miners all over the world are confident in the future of BTC, despite how the block reward is about to be cut in half.
However, this is not all.
Long-Term Holders Are Very Confident, According To This Metric
It so happens that long-term Bitcoin holders have refused to sell their BTC for more than a year, despite the cryptocurrency’s impressive performance over the last few months.
According to data from Glassnode, the percentage of BTC’s circulating supply that was last active on-chain at least a year ago has reached a record high of 70.35%.
In essence, this is a step up from the previous peak in July, when this metric hit 69.35%.
To put this into perspective, it means that about 70% of Bitcoin’s circulating supply has remained untouched in the last year.
What is even more interesting is how the percentage of supply that hasn’t moved on-chain in the last two three, and five years, also sit at all-time highs of 61.6%, 54.8%, and 40.8%, respectively.
This shows that long-term investors, or HODLers, are unwilling to sell even after BTC has more than doubled to $37,000 this year, up from around $18,000 at the start of the year.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.