Bitcoin‘s Not Dead Yet, Darling! 🤑
Bitcoin (BTC) is apparently having a bit of a moment, with more “value stored” in its network than ever before. We’re talking $850 billion, people! 💸
Crypto analytics firm Glassnode, those lovely data nerds, reckon this whole Bitcoin thing might just keep chugging along past March 2025. Who knows, maybe we’ll all be sipping martinis on the moon by then! 🚀
Bitcoin’s Back, Baby! (And It’s Brought Its Absurd Wallet 💰)
Bitcoin’s been attracting a lot of attention since the 2022 crypto bear market. It’s basically doubled its “realized cap” since then, which basically means that people have pumped a whopping $500 billion into the thing.
“This reflects the aggregate ‘value stored’ in Bitcoin at around $850B, with each coin priced at the time it last transacted on-chain,” Glassnode reports.
Oh, and apparently, Bitcoin’s settled over $3 trillion in the past year. 🤯 Not bad for a digital currency, eh?
Glassnode also points out that daily settlement volume remains around $9 billion. Seems like people are still pretty keen on this whole thing.
“Both the Realized Cap, and the economic volumes settled by the Bitcoin network offer empirical evidence that Bitcoin both has ‘value’ and ‘utility’, challenging the assumption by critics that it has neither,” “The Week Onchain” continues.
Hang On, Is This Cycle Even Normal? 🤔
Glassnode reckons that this current Bitcoin price cycle is a bit of a weirdo. In previous cycles, the price peaked about a year after the proportion of wealth held in coins that last moved in the past three months hit its highest point.
“Whilst new demand this cycle is meaningful, the wealth held in 3month old coins is much lower than it was compared to previous cycles. This suggests that there has not been the same magnitude of new demand inflows, seeming to occur in bursts and peaks, rather than on a sustained basis,” they explain.
“Interestingly, all previous cycles had concluded approximately one year after the first ATH break, which highlights the atypical nature of our current cycle, which first reached a new ATH in March 2024,” they add.
So, what’s the takeaway here? Well, it seems like things are a bit different this time around
Read More
- How to watch A Complete Unknown – is it streaming?
- USD VES PREDICTION
- INJ PREDICTION. INJ cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- IP PREDICTION. IP cryptocurrency
- CAKE PREDICTION. CAKE cryptocurrency
- EUR HUF PREDICTION
- EUR PKR PREDICTION
- JTO PREDICTION. JTO cryptocurrency
- Russell T Davies Unveils New LGBTQ+ Drama ‘Tip Toe’ – A Must-See Thriller!
2025-02-05 12:59