This On-Chain Metric Suggests Bitcoin is “Vulnerable” to Seeing Major Downside
Bitcoin has faced some intense buying pressure throughout the past few hours, allowing its price to see some immense gains. This upside comes as Ethereum and the rest of the altcoin market all consolidate, with attention shifting back towards BTC. The cryptocurrency still has a way to go before it can see another immense rally […]
Related News
Bitcoin price is trading well above $58,000 currently and is arguably only just beginning its bullish impulse. Prices are expected to reach hundreds of thousands per coin, and while few deny that outcome, it might not arrive as soon as some investors think. According to a de-facto on-chain tool for timing local tops and bottoms, Bitcoin risk is now at the highest potential for downside in three years. Past data shows when the metric gets […]
On-chain data shows the Bitcoin NUL indicator is still below a value of 0.5, a sign that more downtrend could be in store for the crypto before the bottom is in. Bitcoin Net Unrealized Loss Surges Up, But Still Remains Below 0.5 As pointed out by an analyst in a CryptoQuant post, the cryptocurrency’s price may still be nowhere near a bottom. The relevant indicator here is the “net unrealized loss” (or NUL in brief), which tells us about the total number of coins that are currently holding an unrealized loss. The metric works by comparing the last selling price of each....
According to a key on-chain indicator, Ethereum (ETH) may be undervalued at its current market price. The last time ETH was this undervalued was in October 2023, after which it experienced a 160% rally. Ethereum May Be Undervalued, On-Chain Indicator Suggests Ethereum’s current MVRV-Z score suggests that the second-largest cryptocurrency by total market capitalization may be undervalued at its present price. This metric – used to determine whether an asset is overvalued or undervalued – is currently at its lowest level in 17 months. Related Reading: Ethereum Exchange Balances....
Shiba Inu (SHIB) is again catching the attention of crypto whales as on-chain data shows a 240% spike in this crucial metric. Thanks to the surge in this on-chain metric, a massive price rally for the second-largest meme coin by market cap might be on the horizon. Shiba Inu Records 240% Surge In Large Transactions […]
Ethereum’s derivatives market is showing signs of a decisive shift beneath the surface, and price action is about to return above the $3,000 mark. On-chain data suggests trader behavior on major exchanges is shifting into a more accumulative phase. Even as ETH continues to linger below the psychologically important $3,000 price level, this metric indicates that market participants are already preparing for a bullish move and a test of direction in the days ahead. Related Reading: XRP ETFs Grow Past $60M As Price Struggles To Respond Ethereum Leverage Ratio Prints New All-Time High Data....