CryptoQuant: Bitcoin demand is now in acceleration mode again after two months of decline
On May 16th, cryptocurrency analysis company CryptoQuant stated in a report that despite a rebound in Bitcoin demand from the low point of the accumulation range, after two months of downward trend, Bitcoin demand is once again in "acceleration mode".
The organization stated that after the growth of Bitcoin demand slowed down since March, it seems to be stabilizing. The total balance of Bitcoin held by permanent holders and large investors seems to be in acceleration mode again.
However, CryptoQuant added that Bitcoin demand needs to further accelerate in order for this price increase to continue. In addition, the Bitcoin balance on over-the-counter trading platforms is very low, indicating strong demand that exceeds existing supply.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bored Ape NFT Creator Yuga Labs Joins Adidas To Add Dignity To Its Dookey Dash Game
Bitcoin spot ETF options could potentially impact demand for the underlying asset, analysts say
Analysts say the SEC’s approval of options for the spot bitcoin ETF marks a significant shift in how institutional investors may engage with bitcoin, with potential implications for demand for the underlying asset.The U.S. Securities and Exchange Commission approved BlackRock’s proposal to list and trade options for its spot bitcoin ETF last Friday.
Matrixport, Knowing the Fall in Bitcoin Before, Shared Its Market Predictions for the End of the Year! Here Are the Details
Matrixport stated in its report that Bitcoin (BTC) is likely to recover by the end of the year.
Trending news
MoreCrypto prices
More
