October 19, 2021

Increased activity on bitcoin blockchain indicates bullish rally

Increased activity on bitcoin blockchain indicates bullish rally

  • The market has intensified amid the growth of bitcoin.
  • The number of active wallets has reached the values ​​of September 2020 of the year.
  • Most traders are waiting for Bitcoin at $ 60,000 in March 2022.

The outbreak of on-chain activity in the Bitcoin (BTC) network may signal a new wave of demand covering the cryptocurrency market, Glassnode found out.

At the beginning of October, the number of daily activewallets on the bitcoin blockchain jumped 19% to 219,000. This is reported by analysts at Glassnode in a new report. According to the published data, bitcoin on-chain activity increased to September 2020 indicators. Then, such activity was followed by a Bitcoin rally, which raised the price of the cryptocurrency six times.

Increased activity on bitcoin blockchain indicates bullish rally

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According to experts, the activity of earlymarket participants have historically correlated with growing interest in the asset in the early stages of bullish trends. Since mid-September, the average size of a Bitcoin transaction has also grown. Now its size is over 1.3 BTC (~ $ 74,750). The last time the Bitcoin network recorded an average transaction size above 1.6 BTC was in March 2020. At the same time, there was a well-known collapse of liquidity, after which the market moved to growth.

Increased activity on bitcoin blockchain indicates bullish rally

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Also, analysts found out that over the past 7For months, the main strategy of the majority was hodling. For example, more than 2.3 million BTC were transferred from short-term to long-term storage (~ 155 days). To put this in context, only 186,000 BTC were mined during the same period. This means that long-term investors got 12.7 times more coins than cryptocurrency miners managed to mine.

Increased activity on bitcoin blockchain indicates bullish rally

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That bitcoin may have been permanently entrenchedat levels of $ 50,000- $ 60,000, the future prices of bitcoin futures also speak. Most crypto exchanges (Binance, Bybit, Deribit, OKEx) expect Bitcoin to reach $ 60,100 by March 2022. FTX traders are slightly more optimistic and expect BTC at $ 60,900 in March. Huobi has a slightly different opinion. There, traders are waiting for Bitcoin at $ 57,000.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Huobi https://huobi.com 7.4
3 Exmo https://exmo.me 6.9
4 OKEx https://okex.com 6.5
5 Bybit https://bybit.com 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Additional features and services - futures, options, staking, NFT marketplace.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Increased activity on bitcoin blockchain indicates bullish rally

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