IntoTheBlock Reveals Fact About Current Bitcoin Situation Analysts Are Puzzled By
20 Giugno 2024 - 7:00AM
NEWSBTC
The market intelligence platform IntoTheBlock has discussed the
bearish situation Bitcoin has been facing that has got many
puzzled. Bitcoin Adoption Has Slowed Down To Multi-Year Lows
Recently Bitcoin had a great first quarter in 2024, fueled by
demand from the spot exchange-traded funds (ETFs) and institutional
entities. During this run, the asset surpassed the all-time high
(ATH) set back in the previous bull run, breaking a pattern in
other cycles where ATHs were only reached after the Halving.
Related Reading: Dogecoin, Cardano “Very Bullish” Based On MVRV:
Santiment With the huge demand, things looked to be just getting
started for the asset, but in the months since the ATH, the
cryptocurrency has only been consolidating sideways. In a new post
on X, IntoTheBlock talks about the current situation with Bitcoin,
which many have been wondering about. The analytics firm has
pointed out that the transfer activity on the BTC network has been
high recently, as the Number of Transactions metric has set a new
record. The most recent spike in the Number of Transactions on the
Bitcoin blockchain has resulted from the emergence of the new Runes
protocol, which allows users to mint fungible tokens on the network
efficiently. “Institutional whales are present, and activity on the
Bitcoin network is high,” says the analytics firm. “So, where’s the
confusion?” The answer to that question lies in the trend of the
New Addresses indicator. As its name suggests, this metric keeps
track of the total number of new addresses that are popping up on
the network daily. This indicator tells us about the rate of
adoption the cryptocurrency is observing. Below is a chart showing
how this Bitcoin metric’s value has changed over the past decade.
The graph shows that the Bitcoin New Addresses has declined while
the price has risen to its new high. As IntoTheBlock notes: The
data reveals that this surge in usage and whale activity does not
involve a significant influx of new participants. In fact, the
number of new Bitcoin users has plummeted to a multi-year low, even
falling below the levels seen during the 2018 bear market. Related
Reading: Hard To Be “Too Scared Of Bitcoin Price Action,” Says
Analyst. Here’s Why Historically, bull markets have accompanied
sharp asset adoption as new investors get attracted by all the
hype. In return, this influx of holders has helped fuel the rally.
It would appear that despite the asset reaching a new ATH, the
network has failed to attract new users. This is what has got many
puzzled. The slowdown could, at least in part, be why Bitcoin has
failed to continue its bullish momentum. It now remains to be seen
whether this will change for the coin soon or not. BTC Price At the
time of writing, Bitcoin is trading at around $65,000, down 7% in
the past week. Featured image from Dall-E, IntoTheBlock.com, chart
from TradingView.com
Grafico Azioni Cardano (COIN:ADAUSD)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Cardano (COIN:ADAUSD)
Storico
Da Set 2023 a Set 2024