bitcoin All cryptocurrencies, in particular, have seen a decline throughout the year. While Bitcoin saw below $20,000 in June, there has been at least a sideways market since the beginning of summer.
on-chain According to data from CryptoQuant, which compiles its metrics, BTC The activity in the network cannot reach the desired level. CryptoQuant researchers have published a new graph comparing the active wallet addresses on the network with the price.
According to the chart, the number of active wallets in the BTC network could not reach its old level after the decline in June 2021.
The number of active wallets is one of the most important metrics measuring activity on the BTC network. The rise in activity indicates that the demand for Bitcoin is increasing, with traders and investors actively trading.
Looking at the historical data, bull season is coming when wallet activity is rising strongly. However, the current situation confirms the horizontal outlook in the crypto markets and that there is still not enough demand for Bitcoin to rise.
BTC Stabilized Than Gold In The Last 3 Months!
Central banks of all countries, especially the US Federal Reserve (FED), are changing their monetary policy. States are trying to prevent rising inflation by using tight monetary policies and interest rate hikes. Therefore, while all investment instruments lose value, the US dollar appreciates.
Based on the bottom level that Bitcoin saw last June, it turns out that it has been more solid than gold in the last 3 months.
Bitcoin has gained 1.25% in value since the bottom it saw on June 21, while gold, which is very popular in our country, has lost 11.81% in dollar terms.
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