Decentral Block Post

Research has detailed Bitcoin’s recent record-low volatility and while traders expect an eventual price breakout, the Oct. 26 BTC price move to $21,000 is not yet being interpreted as confirmation that $20,000 has now become support. 

In a recent “The Week On-chain Newsletter,” Glassnode analysts mapped out a bull case and a bear case for BTC.

According to the report, the bear case includes limited on-chain transaction activity, stagnant non-zero address growth and reduced miner profits present a strong Bitcoin sell-off risk but data also shows that long-term hodlers are more determined than ever to weather the current bear market.

The bull case, on the other hand, entails an increase in whale wallets, outflow from centralized exchanges and hodling by longer term investors.

Stalled new address growth

On-chain active address growth remains stagnant across the BTC network. A reduction in transactions translates to a decrease in utilization and user growth for the network, factors which could possibly hinder BTC price expansion.

Bitcoin price is up today, and a market-wide rally in crypto prices suggests that BTC and Ether (ETH) could be aiming to wrap up the month of October in the black.

As of October 26, 2022, most major cryptocurrencies are posting single-digit gains. Bitcoin recorded a 5.15% price increase within the last 24 hours and a 5.48% gain within the last 7 days. While the current price is fluctuating, BTC is holding above the psychologically important $20,000 level. The following chart shows the BTC rally since October 24, 2022.

Stocks are beginning the day down as Bitcoin continues to remain over $20,000. Bitcoin’s momentum has continued for 3 days now and is seeing green candles today. The recent price spike pushed Bitcoin’s total market capitalization above the $1T mark and comes after months of narrow sideways trading range of $18,000 and $20,000.

Hand in hand with Bitcoin’s growth, most major cryptocurrencies including Ethereum (ETH), Solana (SOL), Cardano (ADA), Polygon (MATIC), Ripple (XRP) and Tron (TRX) registered more than 10% price increases within the last 48 hours. There are several reasons for the crypto rally.

The current rally in BTC and other major cryptocurrencies may indicate an increase in confidence in the market following several key developments; here we give details of the key drivers of the growth

Bitcoin price is up today, and a marketwide rally in crypto prices suggests that Bitcoin (BTC) and Ether (ETH) could be aiming to wrap up the month of October in the black.

As of Oct. 26, most major cryptocurrencies are posting single-digit gains. Bitcoin recorded a 5.15% price increase over the previous 24 hours and a 5.48% gain over the previous seven days. While the current price is fluctuating, BTC is holding above the psychologically important $20,000 level. The following chart shows the BTC rally since Oct. 24.

Stocks are beginning the day down as Bitcoin continues to remain over $20,000. Bitcoin’s momentum has continued for three days now and is seeing green candles on Oct. 26. The recent price spike pushed the total cryptocurrency market capitalization above the $1 trillion mark and comes after months of Bitcoin trading in a narrow sideways range of $18,000 to $20,000.

Hand in hand with Bitcoin’s growth, most major cryptocurrencies — including Ether (ETH), Solana’s SOL (SOL), Cardano’s ADA (ADA), Polygon’s MATIC (MATIC), XRP (XRP) and Tron’s TRX (TRX) — have registered price increases of more than 10% over the last 48 hours. There are several reasons for the crypto rally.

The current rally in BTC and other major cryptocurrencies may indicate an increase in confidence in the market following several key developments. Here are the key drivers of the growth.