Tag: US Dollar

Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead
Crypto News

Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead

Bitcoin’s on-chain metrics are painting a bullish picture after weeks of consolidation.The top cryptocurrency hit a peak price of $41,962 on Jan. 8 and has mostly traded the range of $29,000–$40,000 since, according to CoinDesk 20 data.However, demand continues to outstrip supply amid the price lull. “In 2021 so far, around 26,000 BTC have been mined. Meanwhile, The Grayscale Investment Trust has acquired over 40,000 BTC in the same period,” Glassnode said in its weekly report.Further, the number of coins held on exchange addresses continues to slide, taking sell-side liquidity off the market.Bitcoin exchange balanceSource: GlassnodeThe balance of bitcoin held across all exchanges fell to a 2.5-year low of 2,349,040 on Monday, according to Glassnode.Mean...