BTC Prize has increased by 91 % since the lows in November 2022: New data indicate ongoing upward trend
BTC Prize has increased by 91 % since the lows in November 2022: New data indicate ongoing upward trend
BTC price increases by 91%: Signs of further growth
The value of BTC has risen by astonishing 91 % since its price lows in November 2022. This impressive recovery could indicate further growth because the number of active addresses begins to rise.
According to a report by Glassnode, an on-chain data provider, the extent of the previous "bull market corrections" indicates a relatively strong demand for BTC this year. Compared to previous cycles, the maximum decline in 2023 was only 18 %, which is remarkably low.
The report by Glassnode also analyzed the recovery of BTC from the bear market lows in November 2022. At that time, the leading cryptocurrency was traded for only $ 15,000, and since then its value has increased by 91 %. According to Glassnode, this recovery is similar to the recovery rally of earlier cycles.
These results indicate that the BTC market is still resistant and strong despite the volatility and fluctuations this year. The signs of a new accumulation indicate further growth, especially since the number of active addresses increases.
A positive factor for BTC is also the effect of inscriptions on on-chain activity in the Bitcoin network. Although inscriptions led to an increase in network activity a few months ago, the number of inscriptions has decreased recently. At the same time, the dynamics of active addressing has increased.
According to the Glassnode, this decline was caused by the significant reuse of addresses by inscriptions. The interpretation of network activity as a decline is therefore misleading. In fact, network activity blooms and the blocks are full.The constant growth of the number of active addresses in the network is a positive signal for the coin and indicates a continuous increase in value from BTC. As long as the mood remains positive, the BTC price will continue to increase.
Overall, the data from Glassnode indicate persistent growth and a strong demand for BTC. Investors and dealers must therefore keep an eye on developments because the price of the leading cryptocurrency asset could continue to increase.