Bitcoin is roaring higher after weeks of consolidation in a $1,000 range between $10,000 and $11,000.
Underpinning this surge higher is a set of on-chain fundamentals and narrative fundamentals that are set to drive the price of the coin even higher in the future.
Strong on-chain fundamentals to boost Bitcoin further.
Lucas Nuzzi, a blockchain data analyst at Coin Metrics, recently highlighted five key trends suggesting that Bitcoin's fundamentals are "Incredibly good."
Bitcoin is also being increasingly held by its owners as opposed to centralized counterparties due to hacks, regulatory risk, and other trends.
Bitcoin's hash rate continues to set new all-time highs as mining companies continue to form partnerships and install more farms, driving this metric, which tracks the security of the network, higher.
Bitcoin's annual inflation rate has crashed as a result of the halving.
It's not only Bitcoin's on-chain fundamentals looking good.
The cryptocurrency is in the midst of seeing a renaissance of institutional adoption, where prominent investors and corporations are embracing Bitcoin and digital assets in many different ways.
On Thursday morning, Paul Tudor Jones, a billionaire Wall Street investor, took to CNBC once again to talk about Bitcoin.
5 on-chain trends show Bitcoin fundamentals are "incredibly good"
Publicado en Oct 23, 2020
by Cryptoslate | Publicado en Coinage
Mencionado en este artículo
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