Recently, the cryptocurrency market has shown promising growth, with Bitcoin reaching its highest point of$31043, although the price subsequently rebounded, it ultimately remained volatile at a level close to $30000.The rise in the market has provided cryptocurrency holders with more significant profit value:Data display,The long-term holders of Bitcoin have made profits for the first time in nearly a year
Recently, the cryptocurrency market has shown promising growth, with Bitcoin reaching its highest point of$31043, although the price subsequently rebounded, it ultimately remained volatile at a level close to $30000.
The rise in the market has provided cryptocurrency holders with more significant profit value:
Data display,The long-term holders of Bitcoin have made profits for the first time in nearly a year.From a historical perspective, the recovery of long-term holders' profitability indicates a significant increase in the market.
According to data tracking company Glassnode, the 7-day average expenditure output profit margin (LTH SOPR) of long-term Bitcoin holders has exceeded 1 for the first time since May 2022. A SOPR ratio higher than 1 indicates that on average, mobile Bitcoin is selling at a profit. LTH-SOPR focuses on cryptocurrencies that move on the chain with a lifespan of at least 155 days.
Glassnode analyst James Check stated in the latest weekly report, "Changes in long-term holders' SOPR indicators often better reflect changes in the macro market. After experiencing a long period of realized losses (LTH SOPR< 1), the LTH group has finally returned to a state of profit expenditure, which is once again similar to the transition point of past cycles
The previous cross periods of this ratio were May 2020, May 2019, and November 2015, coinciding with the market's recovery and rebound, ultimately turning into a bull market for many years.
At present, the cryptocurrency market is indeed in the midst of a recovery and rebound,
Does this also mean that cryptocurrencies are transforming into a bull market?
From market feedback, there are indeed some new highs before the bull market arrives:
1 The most obvious manifestation is the surge in Bitcoin search volume, which means that market activity has started, which is also one of the clear signals of the start of a bull market.
During the turmoil in the US banking industry, Google Trends showed a significant surge in search volume related to gold acquisitions, with search queries reaching a perfect score of 100 in the first week of April 2023.
Similarly, two weeks ago, on March 20, 2023, the term 'how to purchase Bitcoin' achieved the same score in the search.
In addition to gold, Google Trends data also shows that people's interest in gold has increased in the ranking of the search term "how to buy Bitcoin", reaching a high score of 100 on March 20, 2023 based on 90 days of statistical data.
According to Bitcoin. comNews, search queries for 'Bitcoin' are also increasing from mid March to April.
2 The trading volume has increased significantly, and investor sentiment has been mobilized, actively entering the cryptocurrency market, which provides a good foundation for the sustained rise of the market.
Data display,Bitcoin futures trading volume of cryptocurrency exchange (in US dollars) has risen for the fifth consecutive monthAs of now, the cumulative trading volume in April has reached 630.78 billion US dollars, and the cumulative futures trading volume in March has reached 1.31 trillion US dollars.
According to CoinGecko's latest report, in the first quarter of 2023,The spot trading volume of the top 10 cryptocurrency exchanges recorded $2.8 trillion, an increase of over 18% compared to the fourth quarter of 2022
Since the low point of $0.5 trillion in December 2022, monthly trading volume has also increased, but has not yet reached an average of $1 trillion. This number last appeared in the first half of 2022.
Currently, active buying in the cryptocurrency market has become mainstream:
Data display,411ARK64704Coinbase(COIN)382COIN59.04
This bull market may indeed have started.
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