The principles show that Bitcoin is good to go.
Historically, Bitcoin prices have reached new highs within 1.5 years of the previous halving. With profits growing and minus six months after six months, any sign that Bitcoin is good to go.
On October 21, Bitcoin (BTC) hit $ 1,000 in 24 hours. To date, the price has crossed $ 15,000 which is a new high for 2020.
For veterans who have been in the cycle for many years, this should be modern.Bitcoin's volatility is a well-known fact and has had many crazy prices in its history.
But this time the situation is different from the past. After the cryptocurrency fell in March, Bitcoin rose, but not as we once knew.The principles of the Bitcoin chain continue to rise, suggesting that it could have the biggest impact.
Source: Data graph from the Npib Metrics network
digital cube
In fact, for most of history, Bitcoin has been associated with gold and the dollar.But on March 12, things changed. As the warning emerged of the rapid spread of the new disease, the global market was once again exploding and exploding. Cryptocurrencies fell with other markets, with Bitcoin and Ethereum dropping around 50% during the period. Since then, the relationship between Bitcoin and gold has been near all-time highs, while its correlation with the US dollar has remained at all-time lows.
Source: Data graph from the Npib Metrics network
Bitcoin is often referred to as digital gold, and more and more data confirms this information.A few months ago, marketing companies such as MicroStrategy and Square announced that they were buying and holding Bitcoin as an asset. Additionally, the chain's data shows Bitcoin holdings have continued since March 12, with prices rising, meaning Bitcoin has increasingly used the stock.
The signal hold for a chain is the percentage of material that does not change the location of the chain as part of the exchange.As of October 25, around 62.5% of all Bitcoin transactions have been held for at least a year, near records.Historically, the proportion of goods that have not moved for at least a year has increased when prices were in their lowest regions, as shown in the figure below.
Source: Data graph from the Npib Metrics network
Bitcoin's gains are also at their lowest since 2011.Distribution quickly measures the number of address changes in the average offering over the past year. A high turnover rate means a relatively high turnover rate. The slow trend indicates that Bitcoin tends to be used as a more valuable commodity than the average exchange rate.
Source: Data graph from the Npib Metrics network
Bitcoin holders continue to grow
The number of Bitcoin holders appears to be higher than ever.As of October 22, the number of settlements worth at least $ 100 of BTC hit a record high of 9.74 million. These benefits only apply to information, as a natural or legal person can control multiple locations. However, these models show that the number of Bitcoin possessions has increased, which is beneficial for the long-term use of Bitcoin.
Source: Data graph from the Npib Metrics network
Bitcoin shares have risen further thanks to trading in the middle and are likely to be owned by individuals.Although the number of Bitcoins on the exchange deals with several factors, it can mean that many Bitcoin traders want to hold and hold their bitcoins. As the saying goes, if you don't have your private key, it's not Bitcoin.
Source: Data graph from the Npib Metrics network
Historically, Bitcoin prices have reached new highs within 1.5 years of the previous halving. With the stock market growing and less than six months after the halving, all of the above signs are showing that Bitcoin is poised to pick up steam.
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