The Number Of #Bitcoin Transactions Suggests High Network Activity

From December 29, 2022, to March 7, 2023, transactions rose by 34% while price rose proportionally by 36%. - Source

#Ethereum Derivatives Show No Improvement

Despite Etherum's 35% rally in 25 days, Etherum Futures premium has not been able to break above the 5% neutral. - Source

Bulls Made 85% More Bets - Tether Market Cap Hits $80 Billion

*The weekly BTC options expiration has open interest of $1.2 billion, but the actual figure will be lower because bulls have concentrated their bets on Bitcoin price trading above $29,000.

*On April 6, USDT's outstanding market capitalization surpassed $80 billion for the first time since May 2022, with a gain of $15 billion so far in 2023.

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#Curve executed $32.9B of swap volume on #Ethereum in Q1, However, it only 23% of #Uniswap’s $123.7B of Ethereum #DEX volume. The gap suggests that Uniswap V3 is still the dominant AMM in #DeFi. - link

#Hackers stole about $320 million in the first quarter of 2023. This is significantly lower than the losses in the first quarter of 2022 ($1.33 billion) and the fourth quarter of 2022 ($950 million). - link

Q1's top performers of top 10 gaming tokens by #market cap are #RON, #IMX, #MAGIC and #GALA. - link

#Cryptocurrency Fear and Greed Index, an indicator used to gauge cryptocurrency sentiment, is currently in greed territory and pushing towards highs not seen since November 2021, #Bitcoin's all-time high. - link

Since The Onset Of The 2022 Bear Market, One-Year Holder Supply Has Hit An All-Time High Supply last active 1 year ago or more reached all-time highs during March, approaching nearly 70% of #bitcoin’s total circulating supply. - Source.

Tether's balance on exchanges has fallen 28% to 12.88 billion USDT, according to Glassnode. By comparison, the aggregate stablecoin balance on exchanges has fallen 41% over the year to $22.31 billion. - Source.

Volatility gap between BTC and Nasdaq hits yearly high.

Top Ordinal #NFT Collections by trading volume

Is #Bitcoin still good value? Below the 2 Year Moving Average, it is typically considered undervalued by the market. It is currently at $34,721, with price at $28,332. - link

Polygon NFT marketplaces observe no growth despite network adoption rising by 337% - link

ANALYSIS: Top-10 #cryptocurrencies by social activity, according to #Cryptorank. - link

NYDIG: #Bitcoin price skyrockets 71.9% aurpassing all other assets, Correlation w/US equities declines. link

For now it is good to wait for Bitcoin to exceed $30,000 to define a good entry. It is also convenient to wait for the monthly closing.

There is divergence between the times of roe deer, medium and long term. That makes it difficult to define a secure input.

ANALYSIS: CryptoQuant theorizes that #BTC #bitcoin could reach $100,000 by 2024. - link

Around 51% of all staked #ETH #etherum was locked up at prices higher than they are today, which diminishes the risk of ETH selling to meet tax liabilities. link

#Bitcoin price liquidations hit $50 million as BTC crosses $30,000 for the first time in ten months. - link

Uncertainty around the upgrade has fed volatility and had a moderate impact on derivatives markets, with #ETH open interest increasing by $400mn since the start of April. However, #BTC continues to dominate market headlines, with open interest rising faster than ETH yesterday. - link

Bitcoin price has finally broken through the $30,000 level after the key price zone lasted as a ten-month resistance level.

BTC price rose 6.5% on April 10, and the long-awaited rally ended a harrowing 12-day period of extremely low volatility, in which the price hovered around $28,200.

Bulls are now confident that the bear market is officially over, especially considering the fact that the BTC price has gained 82% year to date.

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