Bitcoin Supply Metric Touches New All-Time High, Time For Reversal?
Bitcoin has been named the best performer among asset classes in 2023, but the cryptocurrency is still struggling to break new levels in its price. Despite the current bearish sentiment, many analysts have hinted and predicted a bull run in the coming months, especially as the market awaits the approval of a spot Bitcoin ETF. This has probably prompted many investors to hold on to their coins, as on-chain metrics have shown that the amount of Bitcoin supply idling recently reached a new all-time high. Unmoved Bitcoin Supply Reaches Record High The industry expects the SEC’s....
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In a recent research report from JPMorgan, the financial firm has predicted a harsh drop for one Bitcoin metric, forecasting a potential decline of the Bitcoin Network Hash Rate by 20% leading up to the Bitcoin halving in April 2024. JPMorgan Expects Bitcoin Hash Rate To Drop In the report, JPMorgan stated that the Bitcoin mining industry is at a crucible stage leading all the way to the Bitcoin halving in April 2024 and beyond. This is because the approval of a Spot BTC exchange-traded fund (ETF) could spark a rally against the backdrop of record hash rates and the impending block reward....
Data shows the Bitcoin supply has now reached all-time high HODLing levels, a sign that could be bullish for the price of the crypto. Bitcoin HODLed Or Lost Coins Metric Has Hit A New ATH As per the latest weekly report from Glassnode, investors have been showing some aggressive accumulation behavior recently. There are a couple of relevant indicators here. The first is the “HODLed or Lost Coins,” which measures the total number of coins that have been sitting dormant on the blockchain. Such coins either belong to the HODLers, or are simply inside wallets that have been lost....
Ethereum accumulation patterns have pointed towards bullish trends. Whales, as well as small investors, have started to fill up their bags with the altcoin after the crash that brought it down to the $2,100 level. This time around, it is smallholders going on an accumulation spree as the number of wallets holding at least 1 ETH, not their balance touches a new high. New Milestone For Ethereum The latest milestone for the digital asset has come after a disappointing week in the market. As the number of active investors in the crypto space continues to rise, so has the number of investors....
On Wednesday, November 18, 2020, the price of bitcoin has been coasting along at levels not seen since the decentralized currency’s all-time high three years ago in 2017. The cryptocurrency’s market capitalization is currently hovering at around $334 billion today. Likewise, the daily rate of bitcoin issuance during the last three years makes the overall market valuation higher than it was when bitcoin touched $19,600 per coin. Earlier this morning (EST), bitcoin (BTC) had surpassed the $18k per unit price zone, as the crypto asset has climbed a whopping 54% during the last 30....
The supply-side dynamics of the Bitcoin network continue to demonstrate strong adoption as there are now more addresses with a positive BTC balance than ever before. On-chain statistics through February have suggested positive sentiment for Bitcoin as addresses with a non-zero balance of BTC reached an all-time high.Additionally, those wallets with a positive BTC balance are increasingly hodling their coins. The amount of BTC circulating supply last moved between three and five years ago reached a four-year high of just over 2.8 million coins, according to data from on-chain analytics firm....