Crypto investors have been feeling a kind of déjà vu with the sluggish price of bitcoin having barely budged for months now. However, data shows demand for the cryptocurrency has slowly been returning and could soon be reflected in prices.
" The increase in bitcoin price, however, will depend on growing demand for bitcoin, which usually increases before showing up in prices, he added. Demand slowed this year after a 66% rally in the first quarter, but CryptoQuant data shows that trend has reversed. "Whale demand is growing at 6% month-over-month currently," Moreno said. "This is typically a high growth rate, so we are already in a high demand growth environment.
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