Category: Cryptocurrency News

Bitcoin has made a number of marked recoveries in its price lately. The most notable of this recovery has been the break above $57,000. This effectively set a new four-month high, hitting price points that have not been reached since the market had peaked in May. It is no doubt that the bulls currently have control of the market and investors’ sentiment is very positive with this. But CrossTower research analyst Martin Gaspar thinks this may only be the beginning of the rally. It would seem the analyst is in the camp of investors who expect the digital asset’s price to hit $100,000, which Gaspar says could very well happen in the three months left of 2021. Related Reading | Why A Parabolic Move Is Expected For Bitcoin, Billionaire Mike Novogratz Market Holding Steady The CoinMarketRecap podcast hosted CrossTower research analyst Martin Gaspar on its latest episode to talk about the future trajectory of the top cryptocurrency. Gaspar, who took a bullish stance on the digital asset, emphasized the asset’s growing scarcity as a good thing for its value going forward. Bitcoin’s scarcity is partly attributed to the increase in long-term holders of the asset. A reported 81% of the entirety of bitcoin’s supply is currently held in wallets that are holding for the long-term, also referred to as diamond hands. And this has put significant buy pressure on the market as bitcoin heads into a historic supply squeeze. Gaspar also commented that the expected 200,000 BTC coming into the market from the Mt. Gox settlement will not lead to a mass sell-off. The analyst believes that the investors who are finally getting their bitcoins back after years of fighting for it are most likely just going to hold the coins given the growth of the asset in the past few years. “I don’t think we’re going to see as much selling pressure from these sorts of investors. Bitcoin has continued to outperform all other assets during this timeframe, so I think a lot of them will feel it may just be safer to hold on to their Bitcoin. Bitcoin Hitting $100K By Year-End Martin Gaspar outlined factors that influence bitcoin price towards the end of the year. The analyst explains that the time-crunch of the year running out usually has traders putting money into the market to squeeze out more gains before the year runs out. Also, Gaspar says, that traders are coming out from the slow months of summer, and this resumption in activities can boost the market. Related Reading | CEO Of Soros Fund Management Confirms That The Family Office Is Invested In Bitcoin Even with the recent gains in the market, Gaspar sees the market trending higher for the rest of 2021 and well into the first quarter of 2022. With this trend, the analyst puts the price at the end of the year above $100,000, perhaps even trending as high as $150,000. But Gaspar believes investors will hold through this point. Only seeing some sell-off around the $200,000 mark. Featured image from BlockPublisher, chart from TradingView.com

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On Monday, FTX US announced the launch of its marketplace for non-fungible token (NFT) assets. FTX explained that the marketplace will feature Solana-based NFTs but support for Ethereum-based NFTs is coming in the near future. FTX US Reveals New Solana NFT Market, Plans to Support Ethereum in the Near Future West Realm Shires Services Inc., […]

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Anyone paying attention to Bitcoin in the past months will notice a subtle, but importance change in its fundamentals. As BTC’s price made its way back to May’s high, just before the first capitulation event, there was an uptick in on-chain activity. Related Reading | On-Chain Data Shows Bitcoin Miners Hold Off On Selling Despite BTC Rallying Above $57k Unlike the sell-off period that occurred from May to end of July 2021, there was an increase in Bitcoin transactions. This rise led to an increment in network fees, as shown by explorer Mempool.space. At the time of writing, a high priority Bitcoin transaction needs to pay a 20 sat/vB to be included in the blockchain, one of the highest fees in the past month. Conversely, BTC trades at $57,632 with a 19.3% profit in the daily chart. Although the Bitcoin network is still far from the levels of activity experienced during its price peaked, the uptick is significant and could point towards a sustain rally by end of 2021. According to a recent report by Glassnode, the boost in network activity suggest fresh demand for Bitcoin could arrive to the market in Q4. The research firm records a 19% grown in individual participants on-chain during the past 7-days. Related Reading | TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet This metric stands at 291,000 active entities per day. Glassnode noted the following on what this could mean for BTC: This value is on par with counts from late 2020 at the beginning of the last bull run. More active market participants has historically correlated with growing interest in the asset during early stage bull markets. In addition, there has been an increase in the median transaction size during September. This metric stands at over 1.3 BTC, the research firm claimed. A surge in the median transaction size doesn’t necessarily implies a continuation of the current rally, but suggest more institutions are coming into the market, Glassnode added: Generally speaking, periods near the end of bear markets are when smart money start to accumulate in size. These periods are often characterised by lower (but rising) on-chain activity and increasingly large transaction sizes. Bitcoin To Enter Bullish Phase? Additional data provided by Glassnode notes an increase in some important metrics. For example, the Bitcoin Percent Supply in profit for the past week reached a 4-month high. The transaction volume in the BTC Perpetual Futures Contract reached a 3-month high of $281,278,010 on crypto exchange Bitfinex. This suggest that the derivatives market is also starting to heat up and could once again become an obstacle for the BTC bulls. Related Reading | Why The $1 Trillion Coin Is Another Reason To Stay Long Bitcoin However, the Transfer Volume as a percentage of the Realized Cap, a metric used to compare on-chain activity with the “value stored” in Bitcoin, recently rose above 3%. As Glassnode indicated, this suggest BTC could be about to enterer a bullish market phase. Transfer Volume has once again broken above the 3% threshold suggesting growing demand for on-chain settlement of value. This is a bullish a development worth watching in the coming weeks based on its high historical signal.

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