The crypto analytics firm Glassnode revealed that Bitcoin’s CCD (Coin Days Destroyed) hit all-time lows on September 26. That showed long-term held their supply despite BTC bearish movement. That shows Bitcoin long-term HODLers have renewed hope in the leading crypto.
Moreover, that indicates bullish expectations in the upcoming times. Tokens over three months old contributed to the 86.3% ATH of USD wealth that Bitcoin supply held.
Also, some other factors support increased HODLer interest in Bitcoin. Santiment data showed a dip in active address count within the last few days. That somewhat indicated a decline in transactions on Bitcoin’s network. Moreover, BTC’s declining velocity suggested fewer Bitcoin movements in different wallets.
Though Bitcoin long-term holders appear optimistic about the crypto’s future, interested investors should consider some factors before executing a trade. BTC’s MVRV Ratio has remained in the red within the previous few weeks, translating to a possible bearish move in the coming times.
Furthermore, Bitcoin’s exchange outflow has seen a massive decline. That means the retail investor segment has exhibited an improved interest decline in buying Bitcoin. In that context, BTC’s mining revenue declined by 29.95% within the last seven days. Moreover, the previous month had its average difficulty increasing by 13%.
Meanwhile, the past 24 hours saw improved price movements within the cryptocurrency market. Bitcoin gained over 7% over the last day to reclaim the $20,000 mark. While publishing this blog, the world’s leading crypto changed hands at $20,302.26.
The global cryptocurrency market capitalization maintained green during this publication. The metric soared 5.09% within the previous day to $972.73 billion. Meanwhile, the crypto market volume surged 16.25% in that timeframe to $80.84 billion.
The crypto market rebound is surprising as the stock market endured a slump. The king crypto seems ready to break its correlations with stocks. S&P 500 declined by 1%, whereas NASDAQ-100 slumped by 0.5%. Nevertheless, the cryptocurrency industry remains massively correlated with the overall financial space.
It remains crucial to witness the upcoming crypto market actions. Meanwhile, the space will likely respond to today’s Fed remarks. Stay tuned.