Coin Quote: Bitcoin Could Further Rise In Second Half

In the analysis of macroeconomics, mining computational power, string data, etc., the market will switch to Bitcoin in the second half of the year.

After the brilliant Q1, Bitcoin (BTC) has been quiet so far in the second quarter, despite ETHereum (ETH), Dogecoin (DOGE) and other crypto assets surging.

Changes in macroeconomic conditions in 2020 and early 2021 spurred BTC's rally and spawned a new wave of business.Now macroeconomic conditions can be reversed by BTC.

The US dollar (DXY) strengthened in March, then weakened in April and fell again last week.Many investors expected the recession to last longer than previously thought, with signs that the economy is continuing to recover.Historically, BTC has risen during dollar weakness. In the short term, this could be good news for BTC.

In addition,Data shows that the BTC market is in better shape than it was a few months ago.I got it. Open interest in the BTC contract has consistently hit its lowest level in a few months.This shows that the leverage is reduced in the system.This lays the foundation for health for the next meeting in the BTC market.

Bitcoin's hashrate hit an all-time high in May.Bitcoin's hashrate plummeted in April after a ban zone in China took some miners offline. The slowdown left some traders selling fearing bigger losses.However, within a month the hashrate recovered and returned to a higher level before the crash.

The growth of electronics is a healthy part of Bitcoin's continued growth. The resistance also shows that Bitcoin is strong and could recover soon after the shock.

As an investor flocks to DOGE and other small crypto assets, BTC's private sector continues to grow. The number of holdings of small denominations between 0.01 and 1 BTC increased in April, up 710,000 since the start of the year. In 2020, a total of 610,000 sites between 0.01 and 1 BTC were lifted.

In another note, the chain's exchange rate hit a record high in April.Total returns were $ 447 billion in April, up from $ 366 billion in March and $ 319 billion in February.

Despite the price controls, the Bitcoin ecosystem continues to grow.On May 5, NYDIG announced:BTC will be distributed to hundreds of US banks later this year.Bank users can buy, sell and hold BTC from their existing funds, which can attract many new investors. In another sign of growth, Square recently reported that BTC accounted for 15% of Cash App gross revenue in the first quarter. This is an increase of 8% a year ago.

And Bitcoin technology is also undergoing major improvements. Taproot activation began to take effect when miners began providing support symbols.Expected to be announced later this year, Taproot will bring several major improvements to the Bitcoin marketplace, including lower prices and increased privacy. It will also pave the way for developing smart contracts and improving the Lightning Network.

With so much on cryptocurrency sites, it's easy to forget that Bitcoin continues to grow rapidly.Given the positive momentum from the Vanguard, Bitcoin could see another rally in the second half.

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Ethereum (ETH) continued to hit all-time highs over the past week and as a result chain direction increased across the board.Exchange rates went from an average of 149% on a weekly basis to an average of $ 31.9 billion per day, more than double the daily BTC average of $ 14 billion. Bills have also increased, reaching $ 29.1 million per day. Current settlements have risen to over 803,000, up 6.3% on the week.

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Let's take a look at some of the new metrics below. And, as always, you can search and download community files using our free art and design tools.

BTC age split groups, also known as "HODL waves", tell BTC to group splits over time since entering the chain. The HODL wave provides an overview of how BTC products have evolved over the years.

See the bottom of the graph, the red lines represent the current supply from less than one day to 90-180 days. The "1-7 days" slice represents the proportion of whole foods stored for more than 1 day and less than 7 days, the "7-30 days" slice represents the portion of whole foods stored for more than 7 days and less than 30 days. days, etc.

In addition to the existing hat industry, we added several new retail stores. The visible limit was announced in 2018 and predicts a long-term slowdown in the overall value of Bitcoin. The realization limit is calculated by calculating the personal value of each unit of Bitcoin at the final on-chain exchange rate. Free float market capitalization is calculated by measuring a larger range of free float market assets.

Capitalization of Investments (MVRV) has always been a clear indication of the regional economy. We are currently reorganizing the MVRV to account for inaccuracies by adding a free MVRV float to the community measure.

Finally, we've added the Product Distribution Metrics process. The graph below shows the percentage of total BTC products held by multiple locations. See at the bottom of the graph, the first column shows the percentage of addresses held from 0 to 1 BTC and the following graph shows the control assets of bars held from 1 to 10 BTC. .

Source : CoinMetrics