Despite the relative optimism prevailing in the cryptocurrency market following Elon Musk’s acquisition of the Twitter platform, these hopes have prompted cryptocurrency traders to expect more adoption of cryptocurrencies in the coming days.
Data from an analytics firm on the Glassnode chain, a data analytics platform, has revealed some of the oldest dormant bitcoins returning to circulation.
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It comes as bitcoin has become more buoyant at six-week highs and profits are back in focus.
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Bitcoin trends
Scammers are changing their behavior after a year-long bear market as BTC/USD pulled something back in the second half of October, according to Glassnode data.
According to Glassnode, the number of bitcoins that have previously been stable in their portfolios for 7-10 years but are not active again reached a one-month high on October 29.
And more figures show that unspent operating results (UTXOs) in earnings hit a one-month high of more than 73% on October 28, on course to surpass levels from September.
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Take profit
The data reinforces the theory that even among the most experienced bitcoin traders, there is a growing desire to profit at current prices, according to data from Glassnode.
These profit-making activities can grow exponentially even if the spot price shows only a modest increase, which is at the scale of a large network.
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Recent readings of Bitcoin’s SOPR indicate that future price increases will put BTC/USD in classic profit-taking territory.
SOPR basically shows how much bitcoin supply is sold at a profit or loss, the ratio fluctuates around 1, tends to be negative during bear markets, and when it crosses 1 during rallies, it indicates oversupply, which in turn can affect price performance. .
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Fracture
“In a bear market, everyone is selling or waiting for the break-even point to sell,” creator Renato Shirakachi explained in his introduction to Scale.
“When SOPR is close to/greater than 1, people start selling more because as supply increases, price goes down,” said Renato Shirakachi.
Binance, the largest exchange by volume, experienced the largest BTC balance drop this week, with users withdrawing more than 55,000 BTC in a single day.
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Overview
After Elon Musk’s Twitter takeover was implemented last Friday, Bitcoin and the cryptocurrency market witnessed a strong upheaval.
Bitcoin and Ethereum rose to their highest levels in more than a month and a half as Bitcoin crossed the $20,000 level, while Ethereum reached its highest level since the completion of the Merge upgrade in September.
During that period, the market value of crypto-currencies crossed the $1 trillion level and reached the level of $1.04 trillion, earning more than $100 billion.
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Bitcoin now
Bitcoin is now down less than 1 at $20.75k, up 9% in a week, 7% in a month and 3% in sixty days, but down 11% in ninety days. 57% from the beginning of the year.
Meanwhile, on news of the buy, bitcoin rose from $19,124.20 to $20,988.39 per symbol, up nearly 10%.
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The article does not represent a recommendation or nomination, it simply follows the fluctuations of the market, since trading with digital currencies involves high risks, including the risk of losing part or all of the investment amount, and notes that it is not strictly subject to requirements. bodies and markets.