5 on-chain trends show Bitcoin fundamentals are “incredibly good”

2020-10-25 07:00

Bitcoin is roaring higher after weeks of consolidation in a $1,000 range between $10,000 and $11,000. The leading cryptocurrency currently trades for $13,000, its highest price year-to-date, save for a quick blip above $13,200 on Wednesday.

Underpinning this surge higher is a set of on-chain fundamentals and narrative fundamentals that are set to drive the price of the coin even higher in the future.

Strong on-chain fundamentals to boost Bitcoin further

Lucas Nuzzi, a blockchain data analyst at Coin Metrics, recently highlighted five key trends suggesting that Bitcoin’s fundamentals are “incredibly good.”

They are as follows:

The percentage of BTC being held for at least one year in addresses has reached an all-time high value near 65 percent. This indicates that an increasing number of investors see the coin as a store of value, which compresses supply available in the market, driving up prices. BTC stored on centralized exchanges has been consistently decreasing in 2020, which is a testament to the point above. Bitcoin is also being increasingly held by its owners as opposed to centralized counterparties due to hacks, regulatory risk, and other trends. Bitcoin’s hash rate continues to set new all-time highs as mining companies continue to form partnerships and install more farms, driving this metric, which tracks the security of the network, higher. The count of addresses holding more than one dollar worth of BTC has reached an all-time high. This suggests that there is an increasing adoption of Bitcoin. Bitcoin’s annual inflation rate has crashed as a result of the halving. Some investors have been expecting an institutional “supply shortage” as the amount of BTC available to be sold gets squeezed away by long-term holders and buyers. Far from the only trend favoring bulls

It’s not only Bitcoin’s on-chain fundamentals looking good.

The cryptocurrency is in the midst of seeing a renaissance of institutional adoption, where prominent investors and corporations are embracing Bitcoin and digital assets in many different ways.

On Thursday morning, Paul Tudor Jones, a billionaire Wall Street investor, took to CNBC once again to talk about Bitcoin. This time, he said that he sees the innovators in this space as similar to Steve Jobs early on in Apple’s days:

“I’ve never seen a store of value where you also have [such] great intellectual capital behind it. […] When you short the bond market as an inflation hedge you’re really betting on the fallacy of mankind rather than its ingenuity.”

PTJ said something incredible on CNBC today.

"I've never seen a store of value where you also have [such] great intellectual capital behind it. […] When you short the bond market as an inflation hedge you're really betting on the fallacy of mankind rather than its ingenuity."

— Hasu (@hasufl) October 22, 2020

This comes as PayPal has embraced cryptocurrencies by adding digital asset support, as Square has deployed one percent of its assets into Bitcoin, and as fiscal and monetary stimulus has made BTC’s scarcity more apparent than ever.

The post 5 on-chain trends show Bitcoin fundamentals are “incredibly good” appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95658.25 (-0.20%)
Объем 24H $40.976b
Изменеия 24h: -1.36 %, 7d: -7.43 %
Cегодня L: $95217.68 - H: $97458.26
Капитализация $1894.009b Rank 1
Цена в час новости $ 13294.42 (619.54%)

bitcoin good on-chain incredibly trends fundamentals show

Источник: cryptoslate.com

bitcoin good → Результатов: 126


Bitcoin Is The “Most Significant Investment Opportunity Of A Generation”: Analyst Travis Kling

“Bitcoin is too good at being a store of value right now to be a good method of exchange,” said Travis Kling, equities portfolio manager turned crypto fund executive. Recently, he stated how “nobody wants to be the Bitcoin pizza guy” and spend 10,000 Bitcoins on a pizza. It also doesn’t make sense when there […]

2019-9-16 22:30


BTC Dominance At 60% Will Be Bullish For Bitcoin But Won’t Be Good For Most Altcoins

Bitcoin is making its way up again after a short lull swinging around $7,900 and $8,000. The crypto has already broken above $9k and seems to be headed to the $9,500 range. While this may sound like good news for much of the rest of the market since Bitcoin tends to drag other crypto prices […] The post BTC Dominance At 60% Will Be Bullish For Bitcoin But Won’t Be Good For Most Altcoins appeared first on ZyCrypto.

2019-6-16 11:15


Фото:

Will The Next Bitcoin Bear Run Be Any Different To The Last?

The price for a single Bitcoin is now floating around the $8k mark, with the recent trends seeing dramatic increases of around 55% in the last month alone. It looks like 2019 will be a good year of recovery for the coin and its alt brothers and sisters, with the price almost doubling since the […] The post Will The Next Bitcoin Bear Run Be Any Different To The Last? appeared first on ZyCrypto.

2019-6-12 19:00


Bitcoin a Good Buy if Trade Tension Persists, Admits Wall Street Skeptic

By CCN: The frequently volatile stock market provides rare hideouts for investors but one of them could be bitcoin, according to Mr. Peter Boockvar of Bleakley Advisory Group. The chief investment officer said this week that a sharp rise in bitcoin price indicated that investors were unsure about the Federal Reserve’s stance on interest rate cuts, as well as about the outcome of an ongoing trade war between the US and China that kept buying sentiment weaker in both the Western and Asian stock markets.

2019-6-7 11:28


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.

Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]

Bitcoin Open Interest Is Shooting Up: Will Shorts Be Rekt This Time?

Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.

Bitcoin Difficulty Jumps 3% As Hashrate Slowly Recovers

On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]

Bitcoin Investors Have Turned Greedy Again: What Could Be Next For BTC?

Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]

These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.