The growth of fundamental bitcoin on-chain metrics after the market crash in March this year allows counting on “the largest take-off in history.” Such conclusions are contained in a new report by the analytical company Coin Metrics.
“Bitcoin is known for its volatility and has experienced many crazy price spikes in its history. But this time something has changed. The cryptocurrency grew in such parameters that we did not observe in the previous phases of growth, ”analysts write.
Researchers are paying attention to the change in the correlation of the first cryptocurrency with gold and the US dollar. This manifested itself on March 12, when Bitcoin crashed along with other markets in light of the panic caused by the COVID-19 pandemic. Coin Metrics notes that this parameter with gold remains close to record values, while with the dollar – not far from historic lows.
Coin Metrics also point to a drop in coin turnover to lows since 2011. This metric supports the hypothesis that bitcoin is perceived as a store of capital rather than as a medium of exchange.
Dynamics of Bitcoin addresses containing more than 100 BTC. Source: Coin Metrics.
Another metric that researchers have paid attention to is the continuation of the outflow of bitcoin from centralized exchanges. This is partly due to the desire of users to independently store the first cryptocurrency, focusing on long-term prospects.
Dynamics of the price of bitcoins and their emission. Source: Coin Metrics.
“Historically, the price of bitcoin reached a local peak within a year and a half after the halving. The tendency to hold coins is increasing, and only half a year has passed since the miners’ reward was halved. All indications are that bitcoin is ready to take off, ”the authors of the report conclude.
Recall that in recent days, the number of bitcoin addresses from 1000 BTC and more has grown to a new all-time high.
Earlier, the founders of the Gemini cryptocurrency exchange, the Winklevoss brothers, confirmed their previous forecast of the growth of the bitcoin rate to $ 500,000. They also believe that bitcoin is the only long-term protection against inflation.
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