Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

The world’s first and largest cryptocurrency is making gallant steps towards the greens in a recent outturn of events. Bitcoin is experiencing a sharp rise in price within its market. Recent trading activities got BTC’s price to hit the $24,000 mark. This creates a positive record for the top cryptocurrency across the industry. Though Bitcoin is making a tremendous improvement in value, its number of active addresses seems to be downtrend. The sudden growth in price for BTC likely has little connection with the overview of the crypto market. This upward trend occurs due to external pushes that spiked the price. But the irony is that there is no notable rise in the number of its active wallets. Related Reading: Ethereum Open Interest Nears All-Time Highs Ahead Of Merge Records from on-chain reports show that Bitcoin’s number of active wallets is relatively low. Crypto Quant, an on-chain analytics firm, gave its data indicating a downward move for the active addresses. It reports that new contracts are emerging in the futures market as prices keep surging. This contradicts the current trend in the crypto futures market that depicts increasing momentum. Since the spike is not from an internal influence, the sustainability of the present positive pressure and price rise is quite unclear. With new contracts opening, the futures market is experiencing higher crypto prices. Also, cryptocurrency short-term investors ...