November 7, 2023
The co-founders of a top crypto data analytics firm, Glassnode, have identified a reliable Bitcoin (BTC) indicator that suggests bullish moves for BTC. They share this information with their followers on the social media platform X, under the handle Negentropic.
Happel and Allemann highlight that BTC's market demand is surpassing its supply. This is a clear sign of robust positive momentum in the Bitcoin market.
The Bitcoin network recently witnessed the creation of 700,000 new addresses in just one day. According to the analysts, this is one of the top indicators for future price movements.
In their blog post, the co-founders further analyze the situation and suggest that buyers will need to increase their bids due to the fast pace of BTC. This could potentially drive the price of BTC up.
Looking beyond BTC, Happel and Allemann point out that decentralized finance (DeFi) and layer-1 tokens are making a comeback. Altcoins, such as Solana, XRP, and Cardano, are showcasing impressive growth and investor interest.
As BTC stabilizes, the spotlight turns to altcoins for potentially higher returns. This week's rotation is clear: as BTC and ETH plateau, DeFi and Layer 1 tokens are bouncing back with vigor.
BTC is currently valued at $34,675.
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