This on-chain metric suggests Bitcoin’s next big rally may just be getting started
BTC $10,807 (+9.5%) • ETH $323 (+4.8%) • XRP $0.223 (+3.4%)
|CryptoSlate||Jul 27|| 1|
After a prolonged period of sideways trading, Bitcoin’s volatility is starting to return to normal levels, with the cryptocurrency now venturing towards the top of its macro trading range.
Overnight, buyers were able to send BTC’s price flying past the five-figure price region, although it faced a firm rejection at $10,200 that caused its price to slide back below $10,000.
Throughout 2020, Bitcoin has broken above $10,000 on countless occasions, with each one proving to be fleeting and followed by further downside.
One indicator is showing that this time may be different.
A measurement of on-chain economic activity suggests that long-term investors aren’t selling at the moment – unlike previous breaks above this crucial psychological price level.
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It’s been an explosive past few days for Ethereum.
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Ethereum’s surge to over $300 on Saturday created the most profits for holders in over two years; if on-chain data is considered.
Digital currencies might play an important role in the years ahead, particularly as global economies recover from the ill-effects of the ongoing pandemic.
After a parabolic rally, the Ethereum decentralized finance (DeFi) market experienced a blow-off top over the past week.
CryptoSlate recently sat down with Ethan Vera, the CFO of Luxor Mining Pool and a former investment banker at Goldman Sachs.
Financial market data from South Korean banks will now feature on Chainlink’s decentralized oracles services, as announced at an event in Seoul on Friday.
Cardano’s price just set a fresh 2020 high.
Love them or hate them, some of Bitcoin’s biggest forks still have a market capitalization in the hundreds of millions or even billions.
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