Every 1 and 15, Cointelegraph Consulting offers the latest information on price promotions and justifications for cryptocurrencies in its Market Insights newsletter. Here’s a preview of one of this month’s issues.
Crypto asset prices have risen in recent weeks, and several altcoins have posted gains reminiscent of the great digital asset bubble of 2017. Assets like Chainlink (LINK) and Band Protocol (BAND) have three-digit percentage profits.
Bitcoin (BTC), the game changer in the industry, has also shown significant positive effects. The asset rose slightly above $ 12,000 on August 2, before falling more than $ 1,000 over the same 24 hour period. On August 10, BTC returned to the $ 12,000 level and was again rejected, causing a drop of several hundred dollars. However, the general sentiment in the cryptocurrency investing and trading space remains optimistic.
Traditional financial players continue to enter the digital assets industry via Bitcoin, with intelligence giant MicroStrategy being one of the newest vendors. With the purchase of more than 21,000 BTC, the company took over the coin as a reserve.
Information on the field of digital assets
The Bitcoin whales could have sold part of their coffers. Current data show sOnly 15,912 Bitcoin addresses with 100 or more BTC, the lowest number in five years. Such network data imply this Large Bitcoin participants may be selling rather than hoarding.
In terms of mood, however The pioneering crypto asset shows a significant change from the pessimism shown above. In the past two weeks the market expressed a clear bullish tone, Exceed standard deviations of 1.2 towards $ 12,000 during Bitcoin’s recent run.
The data also show an increase in the amount of dollars flowing to centralized exchanges via the USDC-linked stablecoin, a sign that often has proven to be the forerunner of bullish Bitcoin price action.
In contrast, The relationship between the market value and the realized value of Bitcoin or MVRV seems problematic as a 30-day value of 1.15 is recorded on August 2nd. This essentially means Short-term Bitcoin investors posted an average gain of 15% across the board.
On a separate front, In terms of transaction volume, Ethereum is keeping pace with Bitcoin. Bitcoin records 3.4 times the transaction volume seen on the Ethereum blockchain, a diminishing advantage, according to the figures from early August.
Read the full issue of the newsletter here for the full portion of each sphere with graphics and pictures.
Cointelegraph’s Market Insights newsletter aims to share our knowledge of the fundamentals of the digital assets market. Using market intelligence from Santiment, one of the leading analytics providers in the industry, the newsletter provides the latest data on social media sentiment, chain metrics and derivatives.
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