Recent data suggests a favorable outlook for Bitcoin as long-term support levels remain strong.
The 30-day Exponential Moving Average (EMA) of Binary Coin Days Destroyed (CDD) is fluctuating between 0.1 and 0.3, indicating that long-term holders are actively accumulating Bitcoin.
Moreover, there is a notable shift in Bitcoin’s hashrate dominance towards U.S. mining companies.
Currently, Chinese mining pools control 55% of the network, while U.S. pools account for 40%. U.S. pools primarily cater to institutional miners, whereas their Chinese counterparts tend to support smaller miners in Asia.
The altcoin market is also showing signs of growth, with the total market cap poised to exceed $1 trillion soon.
This increase suggests that an altcoin season may be on the horizon. Bitcoin’s dominance appears to be reaching its peak, potentially dipping to around 47%, which could create an opportune moment for altcoins to thrive.
Historically, Bitcoin has performed well during the fourth quarter. In 2016, it surged by 61%, and in 2020, it skyrocketed by 171%. Interestingly, the price movements in 2024 thus far closely resemble those seen in both of those years.
Additionally, Bitcoin spot exchange-traded funds (ETFs) have seen significant inflows recently. Last week, the Bitcoin spot ETF attracted a net inflow of $397 million, with Fidelity’s ETF FBTC bringing in $138 million, and ARK 21Shares Bitcoin ETF AKRB seeing an influx of $102 million. These trends reflect increasing institutional interest in Bitcoin, further strengthening the case for a positive market outlook.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: gulzarkarimn/123RF // Image Effects by Colorcinch
How Solana Transformed an Entrepreneur’s Life & Why BlockDAG Could Be the Next Millionaire Maker…
The SOL price has surged to well over $200 as its market capitalization exceeded $100…
BNB is already flashing signs of a bearish sentiment despite launching a new stablecoin while…
The crypto market is no stranger to unexpected twists. However, the recent performances of Rollblock,…
Meme coins are back with a bang and are as insanely volatile as ever! Bonk…
Staking has become one of the most effortless ways to generate passive income in the…