The Indicator Showing The Start Of The Bull Market In Bitcoin Lit Green! Glassnode Report!

Yesterday, Fed Chairman Powell’s statements and SEC‘s increasing pressure in the crypto money sector bitcoin Although altcoins, especially altcoins, also caused decreases, the market recovered again.

In the meantime, Glassnode has some data. BTC and states that it could be a bullish signal for the crypto market.

According to the news of Coindesk, Glassnode Bitcoin miners He said that the increase in revenues from transaction fees and the 60% rise of BTC since the beginning of 2023 are only the first milestone in the bull ride.

At this point, Glassnode stated that the indicator biennial Z-score data, which is used to identify periods when miners receive high and low transaction fees, has turned positive for the first time since mid-2021.

Examining the historical movements of Z-score data, Glassnode argued that the positive turn in the data has historically coincided with the onset of big bull runs.

James Check, principal analyst at Glassnode said the following on the subject:

“Backed by a new request from Ordinals and Inscriptions, the 2-year Z-Score of revenue from miners turned positive for the first time since mid-2021.

Increasing wage pressure is a common precursor to more constructive markets coinciding with new waves of adoption.”

bitcoin Pointing out that the number of daily transactions on its network has also increased, Check said that the average of seven-day transactions increased by 28% in 2023, reaching 333,000, the highest level in two years.

“Miners, who see their total revenues increase to $22.6 million a day, are of course the most beneficiaries of this rise.

This week, miner revenues were above the annual average, reaching the highest level since June 2022.”

*Not investment advice.

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