Bitcoin: Market Consolidation Following the 2024 Halving?
The Bitcoin market is experiencing a consolidation phase after the 2024 halving. While some key indicators are encouraging, others should be considered with a degree of caution. However, the upcoming arrival of a Bitcoin spot ETF in Australia could breathe new life into the market.
The realized cap of Bitcoin is a confidence indicator
The realized cap of Bitcoin currently stands at nearly $600 billion. It is a measure of the total value of all BTC in circulation, calculated based on the price at which each Bitcoin was last traded. This measure is more accurate than market capitalization, as it does not take into account inactive BTC. The rise in the realized cap after the halving 2024 indicates growing investor confidence in Bitcoin.
Contrasting technical indicators
Despite the rise in the realized cap, the number of active Bitcoin addresses has recently reached its lowest level in five years. This reflects a decline in crypto trading activity. Similarly, the Bitcoin hashrate saw its largest 7-day drop since July 2021. This could indicate a decrease in miner participation. Miners are responsible for validating transactions and securing the Bitcoin network.
The arrival of a Bitcoin spot ETF in Australia: a new breath for the market?
The Bitcoin spot ETF is expected to debut in Australia on June 5, 2024. According to some experts, this could give a new boost to the Bitcoin market. Bitcoin spot ETFs allow investors to buy and sell Bitcoins without having to hold the tokens themselves. This could make Bitcoin more accessible to a larger number of investors !
The Bitcoin market is therefore still seeking equilibrium. The indicators are mixed. But the upcoming arrival of the Bitcoin spot ETF in Australia could boost the queen of cryptocurrencies.
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.