cryptocurrency The entire asset class is bundled together, and whenever Bitcoin goes up, other cryptocurrencies will inevitably rise with it. It happened in 2017 and now in 2020.
Bitcoin has been climbing over the past 8 weeks, accelerating its development through multiple resistances, and other assets (such as Ethereum) have followed suit. As Bitcoin’s gains hit new record highs, Coinmetrics reported another index that distinguishes Bitcoin in 2020 from other bullish years.
The ratio of new highs to new lows in 2020 is higher? Data in the
chart shows that the average crypto sentiment asset ratio that reaches a 30-day high minus the asset ratio that reaches a 30-day low. Although Bitcoin and Ethereum respectively rose in this regard, close to their previous highs, the average number of highs in 2020 was significantly higher than in 2017 (blue chart).
Although there are many reasons to make the year more optimistic, the above data clarifies the fact that 2020 may be the most optimistic year for Bitcoin so far.
Bitcoin implementation cap is higher than 2017
Now, many current Bitcoin on-chain indicators are about to reach all-time highs. BTC's market cap averaged $330 billion last week, with daily active addresses reaching 1.2 million. Now, these basic highs have also been reached in 2017, but there have been some key aspects that have changed over the past three years.
First, the Bitcoin supply increases. Since January 2018, the amount of Bitcoin added to the circulating supply has been valued at current prices for more than $20 billion, which indirectly improves Bitcoin's liquidity in the market, resulting in a new high of BTC's achieved cap.
market capitalization is a variable value that varies according to the price of Bitcoin, while Realized Cap refers to the total amount of Bitcoin in the market, which is calculated by the price of BTC when it actually moved the last time. This value represents an organic improvement in BTC, which is currently at an all-time high.
Overcome the fear of inflation?
During the turbulent period in March, market sentiment was very depressed as Bitcoin faced its first potential economic uncertainty. The traditional market is in chaos and it is eroded by cryptocurrencies. Although many people deny the recovery of BTC during this period, they are now witnessing the trajectory of BTC and they will grit their teeth at this moment.
The value of Bitcoin has increased by more than 4 times since March 14, and any increase of more than $20,000 will be five times that of less than a year. 2020 will be an unforgettable year on a larger scale, but looking back, it is undoubtedly the best year for Bitcoin.
original text comes from ambcrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for reprinting in Chinese.
