Experts have identified signs pointing to further growth of the bitcoin cryptocurrency

The value of the cryptocurrency bitcoin has recently risen to a new record high, exceeding $ 73,800. At the same time, analysts noted that real economic activity in the BTC blockchain is not accelerating. According to researchers from Blockware Solutions, this discrepancy reflects market sentiment.

«The average volume of intra-network transfers in US dollars (USD) is significantly lower than the peak of the bull market in 2021. There is little tono significant value moving in the chain ,» said analysts from Blockware Solutions in the latest edition of their Blockware Intelligence newsletter. — «No one wants to sell their assets.

According to Glassnode experts, the volume of transfers is defined as the value of the total amount of BTC transferred within the network in US dollars. As of March 25, 2024, the average volume for 7 and 14 days was below $ 200,000, which is far from $ 1 million and higher than during the bull market of 2021.

Wall Street’s acceptance of spot bitcoin ETFs has been the main reason for the recent rally in BTC quotes. Experts say that the main volumes are concentrated in funds. This also explains the low performance on the network.

Other key values indicate that investors who survived the 2022 bear market are holding onto coin stocks, expecting the BTC price to continue rising. For example, the percentage of bitcoin supply that was last active between 3 and 5 years ago is growing. Analysts expect the value of BTC to rise to six figures in the coming months and eventually peak at more than $ 150,000.

«Once we see the price start moving, that’s when the volume of online transactions will increase. Old coins will move to exchanges for sale. Until then, low rates are a sign of liquidity on the supply side ,» assured analysts from Blockware Solutions.