The speculative interest of investors in the cryptocurrency market has increased to levels that are comparable to that of the bull run that occurred in 2021, as stated in a research that was just published by Glassnode
Due to the fact that the highly anticipated Bitcoin halving event is getting closer, there is a growing sense of excitement regarding a large price movement in the not too distant future.
According to a review of the data, the bullish momentum of Bitcoin has been steadily increasing from October 2023, which has resulted in a period distinguished by significant liquidity and volatility
Glassnode emphasizes that the robust demand in spot markets has been a driving force behind Bitcoin's success so far this year, which is reminiscent of a structure that was witnessed during the bull run that occurred in 2021.
The price of bitcoin has increased by 62% so far in 2024, and it is currently trading at $68,748. On March 14, Bitcoin reached new all-time highs, reaching a price of $73,750.07. The launch of spot Bitcoin exchange-traded funds (ETFs) in the United States on January 11 has been a contributing factor in the boom in the volume of BTC spot trading, which reached its highest point in March
The findings of the analysis by Glassnode indicate that the market has recently entered a state of euphoria, which has been followed by a significant increase in actions that involve profit-taking.
In addition, starting July 2023, there has been a notable increase in the amount of Bitcoin that is passed into and out of exchanges between them.
According to the data provided by Glassnode, the average daily total inflows and outflows from exchanges are currently at $8.19 billion, which is more than the height of the bull market that occurred in their 2021 year.
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