Cointelegraph: Bitcoin Is Still Better Than Stock After Half

A strong network base, consolidation of trading companies, and BTC's annual performance indicate the outlook for Bitcoin.

Data released by Cointelegraph Markets and on-chain data provider lookintobitcoin shows that Bitcoin (BTC) value is still in good shape, as chain analysis and BTC response to events across the world continue to influence the benefits. of cryptocurrency.

Half of the Bitcoin price freeze happened a month ago, and many analysts believe this event does not give investors an opportunity to expect a strong recovery. However, there is evidence that retailers and businesses are still focused on storing Bitcoin and other cryptocurrencies.

Macro Return on Assets (%) Xyoo No Source: Skew.com

According to data from Skew, Bitcoin is the most valuable asset of all asset classes, and so far this year Bitcoin has an annual ROI of 31.42. %.

Institutional investor interest in Bitcoin has increased, according to a recent report from cryptocurrency fund manager Grayscale Investments. Number of new bitcoin miner developments. "

Also in May this year, hedge fund CEO Paul Tudor Jones announced that Tudor Investment Corp had allocated around 1-2% of its managed capital to Bitcoin CME Futures.

The interest of an entrepreneur continues to grow.

Consumer interest in cryptocurrencies and digital payment services is also on the rise, with Square recently announcing that its Bitcoin sales reached $ 306 million, up 71% QoQ.

Demand for peer-to-peer Paxful and local Bitcoin exchanges has exploded in Africa and Latin America, driven by the growth of Bitcoin due to global uncertainty and growth in digital earnings.

On-chain data supports the current agreement.

According to lookintobitcoin data, on-chain indicators despite the threat of miners' capitulation and global market turmoil after the midpoint, Bitcoin's performance remains bullish.

The price of Bitcoin fell to $ 3,750 on March 13, but Bitcoin remains below 1 BTC continued to rise.

Bitcoin address with a balance of less than 1 BTC Source: lookintobitcoin

Data on the chain also shows that long-term traders are still hanging on to Bitcoin after crashes and halving.

Buyers are likely to call whatever seems appropriate, if there are only a few

So far, the price of Bitcoin has continued to fall to $ 10,000, but Bitcoin is still on the rise as investors experience smaller losses when it drops below $ 9500. According to lookintobitin creator Philip Swift:

The recent intersection of the 200-day moving average (MA) and the 128-day moving average provides significant support for the price of Bitcoin. During the 2016/17 bull market, the 128-day moving average was the main key price support. Two weeks ago, Bitcoin rebounded again and returned to the $ 10,000 zone.

As Bitcoin continues to try the $ 10,000 zone, Swift said, "It should be noted that the $ 10,000 withdrawal gets smaller and smaller each time. This indicates that they are coming in."