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Bitcoin Network Activity Surges, Markets Emerge Multiple Bullish Indicators

By Simon LawsonMay 10, 20232 Mins Read
Bitcoin Network Activity Surges, Markets Emerge Multiple Bullish Indicators
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The latest report from Bitfinex Alpha shows that transaction fees on the Bitcoin network have reached their highest level in two years due to the popularity of meme coins and increased transaction volume of BRC-20 tokens, similar to Ethereum’s ERC-20.

Bitcoin network statistics are also near all-time highs, with daily transaction volume exceeding 680,000, surpassing the records set during the bull market in 2017 and 2021.

The bullish sentiment on Bitcoin is that market volatility may be subdued in the short term. After the Fed hike last week, liquidity was very low at $34 million, while funding rates remained neutral.

Furthermore, the 25% delta skewness for BTC options with maturities ranging from 7 to 180 days is close to zero, indicating that investors pay no premium for put or call options.

However, historical trends suggest that this calm market situation will not last long. Volatility from liquidations is expected soon, which could extend bitcoin’s upward trend this year.

The generally reliable MVRV (Market Value to Realized Value) Z-score metric also supports the bullish thesis, with a score of 0.7 and not being significantly impacted by the $30,000 resistance level, suggesting investors are more likely to buy and accumulate.

The increase in Bitcoin network activity and the popularity of BRC-20 tokens may indicate continued interest in cryptocurrencies, with investors continuing to seek investment opportunities in the market.

However, due to the possibility of volatility, caution should always be exercised and investment decisions should be based on thorough research and analysis of market trends.

Despite high transaction fees on the Bitcoin network, rising demand for BRC-20 tokens and meme coins has led to a spike in transaction volume, underscoring the dynamic and ever-evolving nature of the cryptocurrency market.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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