Bitcoin

<ul><li>Bitcoin&#39;s high price level, along with low on-chain activity, highlights a prevalent holding rather than selling sentiment among investors.</li><li>The surge in interest for Nasdaq-listed bitcoin ETFs is a primary factor for the current bullish trend and reduced on-chain transactions.</li><li>A significant portion of the Bitcoin supply has remained inactive for years, indicating long-term holding and optimism for future price increases.</li></ul>Bitcoin (BTC), a leading cryptocurrency, has witnessed a significant price increase, reaching new highs above $70,000. Despite this bullish momentum, the transactional activity within the <a href="https://cryptotale.org/bitcoins-price-projection-hits-74k-after-channel-breakout-says-expert/" rel="noopener noreferrer nofollow">Bitcoin</a> network shows a different story, one of caution and reservation. This behavior is evident in the diminished average volume of on-chain transactions when valued in USD, which remains significantly lower than the figures seen during the 2021 market upswing.Market observers note that the reluctance to move value on-chain is indicative of a broader preference to hold onto Bitcoin. This trend is further supported by data from <a href="https://studio.glassnode.com/dashboards/btc-core-on-chain" rel="noopener noreferrer nofollow">Glassnode</a>, which monitors the USD value of all successfully executed BTC transactions on the network.Current metrics reveal that both the seven-day and 14-day average transaction volumes are languishing below $200,000. This is a stark contrast to the bustling activity experienced during the previous bull run, where volumes regularly exceeded $1 million.<a href="https://cryptotale.org/bitcoins-record-surge-meets-cautious-on-chain-economic-activity/" rel="noopener noreferrer nofollow">Read full article at CryptoTale.</a>

Bitcoin's Record Surge Meets Cautious On-Chain Economic Activity

CryptoTale

Altri articoli pubblicati su 25 mar 2024

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