Following a momentary rally in July, BTC witnessed a decline in network activity that hasWhen Bitcoin [BTC] registered its all-time high of $68,789.63 on 10 November 2021, little did investors know that the dreams of “wen $100k?” for the king coin would be thwarted upon entering into the new year.
July, however, ushered in a brief period of relief for BTC holders. The coin traded above the realized price for 23 consecutive days.Who let the bears out? Glassnode found that after BTC crashed below $20,000, investors with less than one BTC and whales with over 10,000 BTC accumulated the cryptocurrency.
The recent price uptick by the king coin “triggered a distribution phase across the board, adding sell pressure to the market,” Glassnode found.In the report, Glassnode also compared the monthly average of new addresses on the BTC network against the yearly average to understand the shift in sentiment.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin’s [BTC] fall below $22,000 and what it means for demand in these sectorsBitcoin, the world’s largest cryptocurrency, has showcased a strong will to stand up on its feet over the past couple of weeks. However, despite that, Bitcoin dropped below $22,000 recently, triggering rapid losses for traders. In fact, even the demand zone took a heavy blow as we speak. The sky full of blood Liquidations across […]
Source: CryptoAmb - 🏆 22. / 68 Read more »
Will Bitcoin [BTC] continue finding fresher levels? The answer is…Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Bitcoin [BTC] has recovered decently in its up-channel trajectory since the beginning of July. However, the $23.8k-$24.4k resistance range evoked a reversal and brought down the king coin to confirm a patterned breakdown. The ongoing […]
Source: CryptoAmb - 🏆 22. / 68 Read more »
Is Tron outcompeting BTC, ETH? The answer might startle youIn a recent tweet, the official Twitter account of TronDao informed how they outcompeted major cryptocurrencies. TronDao was ranked number one for the total number of active addresses compared to BTC, ETH, and XRP. One of the reasons why the crypto community has been using Tron for a lot of their transactions could be its […]
Source: CryptoAmb - 🏆 22. / 68 Read more »
Betting against the Bitcoin tide? Consider these on-chain metrics firstAfter hitting the year’s lowest of $17,774 in mid-June, Bitcoin has gained a steady upward trajectory for the last two months. It also managed to cross the $24,000 mark recently. This indicated that the selling pressure on the king coin took a back seat. However, a trend reversal happened on 18 August, which drastically decreased […]
Source: CryptoAmb - 🏆 22. / 68 Read more »