, the largest cryptocurrency has rallied strongly off the bottom, reaching above the $23k mark. So does this imply the beginning of the bull market?on 1 August shed some insight on this narrative. The report assessed if the current market momentum was a vote to the bear market rally.Bitcoin would need to do more to escape the looming bear trap as per the report.
Glassnode in the graph noted this as a “low bear market demand profile” which has been in effect essentially since last December.Two more indicators painted a similar sketch- Namely, the number of transactions per second and the total transaction fees. Even the demand for on-chain transactions had dried up, similar to the one established in the 2018-2019 period.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »