Bitcoin On-Chain Metrics Bleed As Price Continues To Climb
Bitcoin remains on an upward trend after breaking through $40,000 once again. However, this upward trend has not translated onto on-chain metrics. While the price of the digital asset continues to sit in the green, on-chain metrics have plummeted paining an entirely different picture in relation to price. From miner revenues to transaction fees, the […]
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After surging significantly in the last few days, Solana, one of the leading digital assets, is slowly facing growing bearish pressure, raising concerns about an extension of the recent pullback to key support levels. Solana’s price may be declining, but the market continues to show strength as several crucial on-chain metrics are starting to turn […]
Here we are, another day. And yet, the price of Bitcoin continues its upward trend. Today, we've reached a high of $215.00 at Mt. Gox (as of this writing, of course). Just how high will the price continue to climb? It's anyone's guess at this point, but it's certainly looking like we're in the beginning of a bubble here. Earlier this year, the price of Bitcoin reached as high of $266 before it's ultimate decline to the high 70s-range. What makes this interesting is that we're unsure whether or not we'll be able to break this year's high. With the help from the Chinese - who are scooping up....
On-chain data is showing more and more similarities to mid- and late-2020 — the springboard period for the Ether and Bitcoin bull market. Bitcoin (BTC) and Ether (ETH) have started showing “remarkable” bullish divergences that echo the start of bullish price trends.That’s according to the latest data collected by on-chain analytics firm Glassnode this week. BTC, ETH data mimics “mid to late 2020”In its latest weekly report, “The Week On-chain,” Glassnode revealed that while price action remains quiet, on-chain metrics suggest that it could well be lagging behind much more bullish....
CoinDesk Research's Monthly Review for October focuses on Bitcoin and Ethereum plus some of the stories their on-chain metrics are telling us.
Bitcoin difficulty for miners has been increasing to all-time high levels this year amidst price volatility. Since the start of 2022, Bitcoin (BTC) has seen a decline in price by more than 40% from its all-time high (ATH) of $69,044.77 on Nov 10, 2021.This price volatility hasn’t affected the network's ability to increase miners’ difficulty to obtain Bitcoin. As competition among miners continues to grow, Bitcoin’s difficulty reached a new ATH for the second time in two months. The hash rate has also experienced a steady climb of 45% in 6 months after last July’s lows.The Bitcoin network....