This factor always appears before a major price increase that only on-chain experts know about:
Narrative about Bitcoin Halving is cooling down and it is said that the market is adjusting to "weak hands" selling tokens. Fewer people daring to buy also causes low trading volume and quiet on-chain activity.
Based on that basis, blockchain research companies took Gas fee data on Ethereum and came up with an unexpected statistic: Every time ETH gas fees drop sharply, it is usually an accumulation period for an extreme price increase. big.
This can be explained by fewer on-chain transactions. Only the selling side, at a certain point, the price no longer drops deeply and the buying side simultaneously makes the market price increase rapidly.
Currently, it is not possible to confirm whether Bitcoin has finished adjusting or not, but the fact that the gas on Ethereum is only 5 gwei is a very positive signal for the market in the medium and long term. Follow TradeCoinVN to learn more about crypto investment every day!
