• Sat. May 21st, 2022

Bitcoin’s network activity hits record high as price skyrockets

  • Bitcoin has been caught in the throes of an intense rally, with buyers retaining full control over its price action as they prepare to push it up to $ 19,000
  • The strength of this latest higher surge came as the broader market rallies in tandem, which is a telltale sign that the crypto market is caught in the throes of a full-blown uptrend.
  • The next BTC trends will likely set the tone for the entire market. Bulls need to close their daily candle above $ 18,600 for them to extend this short-term momentum
  • It comes as the Bitcoin network becomes fundamentally healthy, with its usage reaching record levels.

Bitcoin and the aggregate crypto market have been caught in the throes of one of the most intense bull markets since 2017.

Not only is BTC a hair’s breadth away from hitting new all-time highs, the rest of the crypto market is also growing in tandem.

Ethereum’s recent breakout above $ 500 also allowed the DeFi sector to soar, with all blue chip DeFi assets outperforming the aggregate market.

This is also not an unwarranted recovery, as the health of BTC’s network is arguably the strongest it has ever been.

Bitcoin Pushes Towards $ 19,000 As Parabolic Uptrend Kicks Off

As of this writing, Bitcoin is trading over 4% at its current price of $ 18,700. This marks a massive rally from the recent lows of $ 17,400 set just a few days ago.

The intensity of the recent market-wide recovery is only intensifying, with prominent voices within mainstream financial markets now representing Bitcoin, including Blackrock’s CIO.

BTC is trying to turn its previous resistance of $ 18,600 into support. An ability to do so could see him experience massive momentum in the days and weeks to come.

The health of the BTC network increases as the activity flourishes

A data aggregator explained in a recent tweet that the health of Bitcoin’s network is at the highest levels in ages.

It comes as on-chain activity hits all-time highs, with active Bitcoin addresses reaching levels not seen since January 2018.

“Bitcoin’s on-chain activity is approaching new all-time highs. There were 1.19 million active BTC addresses, the highest value since January 2018. ”

Image Courtesy of Unfolded.

The set of short-term market trends will largely depend on Bitcoin’s next daily close, but the immense macro momentum indicates that this uptrend is here to stay.

Featured image from Unsplash.
BTCUSD pricing data from TradingView.



Source link