• About Us
  • Privacy Policy
  • Contact Us
Bitbion
Advertisement
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
No Result
View All Result
Bitbion
No Result
View All Result
Home Bitcoin

This Bitcoin Metric Shows Just How Far Away The Top Could Be

March 3, 2021
in Bitcoin
0
This Bitcoin Metric Shows Just How Far Away The Top Could Be
Share on FacebookShare on Twitter





Bitcoin price is still more than 10% away from the highs set last month, and bulls have been struggling to regain the powerful momentum they had on the way up. However, while price action is feigning signs of being exhausted, blockchain data shows that growth in actual Bitcoin adoption is still on a steady, parabolic incline and is nowhere close to peak levels historically.

According to a top cryptocurrency market researcher, this suggests the current uptrend has nowhere near concluded, and a new record in a key metric will be reached before it is all said and done.

Blockchain Data Shows When Retail Arrived, User Adoption In Action

As Bitcoin price action soars, the cryptocurrency making headlines and becoming the subject of water cooler talk and online chatter once again, has also lured new users to the technology en masse.

RELATED READING | “WONDERFUL” SHARK TANK INVESTOR SHIFTS PORTION OF PORTFOLIO TO BITCOIN AND ETHEREUM

Technically, Bitcoin’s current uptrend has been the most powerful in its history, but fundamentally, as healthy as things are, it hasn’t reached the user growth rates seen at the last major peak.

bitcoin metric top Willy Woo

On-chain data shows user growth hasn't peaked yet, compared to last cycle | Source: glassnode

According to data shared from glassnode by crypto analyst and Bitcoin researcher Willy Woo, the 365-day net growth moving average of Bitcoin “entities” or users, hasn’t reached the same highs as 2017.

Until user adoption catches up with the former peak set back then, Woo says the top is still a far ways off.

Bitcoin Adoption Rate Suggests Trend Is “Just Warming Up”

Woo not only expects the current cycle to reach that previous growth rate, but exceed it. Which is why he claims the current “bull market is just warming up.”

Retail, as Woo points out as arriving in January, suggests the second-phase of the crypto market uptrend has begun according to Dow Theory. The public participation phase can last for some time, but eventually things get over extended and correct.

bitcoin metric top

How far does the leading cryptocurrency go from here? | Source: BTCUSD on TradingView.com

Before that happens, however, the leading cryptocurrency by market cap is expected to reach prices of $100,000 or more per coin. If price discovery has already taken each coin to a price of more than $50,000 each and the trend is just “warming up” as Woo claims, how far do things actually go?

RELATED READING | FRACTAL FROM LAST BULL RUN SAYS BITCOIN WILL HIT $100K BY MAY

No one knows for sure, but Woo’s user adoption metric could be a key tool in timing when to exit any positions in the cryptocurrency, or to consider the trend as changed and to start turning strategies toward shorting bounces instead of buying the dip.

Featured image from Deposit Photos, Charts from TradingView.com





Source link

Tags: BitcoinMetricshowsTop
Share76Tweet47

Related Posts

Mike Novogratz’s Galaxy Digital files for Bitcoin ETF with U.S. regulators

Mike Novogratz’s Galaxy Digital files for Bitcoin ETF with U.S. regulators

by
April 12, 2021
0

Galaxy Digital today submitted Form S-1 with the U.S. Securities and Exchange Commission (SEC) for consideration of a Bitcoin...

Bitcoin Indicator Says The Top Is In

Bitcoin Indicator Says The Top Is In

by
April 12, 2021
0

Bitcoin price has finally closed a weekly candle over $60,000 on Binance for the first time in the asset’s...

MicroStrategy buys another $1 billion worth of Bitcoin

MicroStrategy becomes the first American company to pay its directors in Bitcoin (BTC)

by
April 12, 2021
0

MicroStrategy board directors will now be paid in Bitcoin, CEO Michael Saylor said in a tweet today.“The Board of...

Here’s how former Coinbase CTO Balaji Srinivasan says India should embrace crypto

Here’s how former Coinbase CTO Balaji Srinivasan says India should embrace crypto

by
April 12, 2021
0

Former Coinbase CTO Balaji Srinivasan says India must enable cryptocurrency payments and related services for its citizens on several...

Wall Street fund manager that called for $400,000 Bitcoin tells followers to “take money off the table”

Bitcoin inches to $61,000, but on-chain data turns ‘mostly bearish’

by
April 12, 2021
0

Bitcoin inched closer to its $61,711 all-time high price over the weekend amidst strong adoption and favorable sentiment for...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

November 20, 2020
Institutions are buying Litecoin (LTC) at a 1,200% price premium

Institutions are buying Litecoin (LTC) at a 1,200% price premium

November 22, 2020
Litecoin Price and Hashrate Diving Down; What’s Next?

Litecoin Price and Hashrate Diving Down; What’s Next?

November 25, 2020
3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

November 25, 2020
Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

0
Lightning Network’s New Liquidity Marketplace Attracts a ‘Surprising’ Mix of Individuals, Enterprises

Lightning Network’s New Liquidity Marketplace Attracts a ‘Surprising’ Mix of Individuals, Enterprises

0
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

0
Softbank CEO sold Bitcoin at a $130m loss after getting “too distracted”

Softbank CEO sold Bitcoin at a $130m loss after getting “too distracted”

0
Mike Novogratz’s Galaxy Digital files for Bitcoin ETF with U.S. regulators

Mike Novogratz’s Galaxy Digital files for Bitcoin ETF with U.S. regulators

April 12, 2021
Bitcoin Indicator Says The Top Is In

Bitcoin Indicator Says The Top Is In

April 12, 2021
MicroStrategy buys another $1 billion worth of Bitcoin

MicroStrategy becomes the first American company to pay its directors in Bitcoin (BTC)

April 12, 2021
Here’s how former Coinbase CTO Balaji Srinivasan says India should embrace crypto

Here’s how former Coinbase CTO Balaji Srinivasan says India should embrace crypto

April 12, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020

Recent News

Mike Novogratz’s Galaxy Digital files for Bitcoin ETF with U.S. regulators

Mike Novogratz’s Galaxy Digital files for Bitcoin ETF with U.S. regulators

April 12, 2021
Bitcoin Indicator Says The Top Is In

Bitcoin Indicator Says The Top Is In

April 12, 2021
MicroStrategy buys another $1 billion worth of Bitcoin

MicroStrategy becomes the first American company to pay its directors in Bitcoin (BTC)

April 12, 2021
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 bitbion.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices

© 2020 bitbion.com