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Recommended Article on Bitcoin’s Q3 2024 Performance and Market Insights from Sunny Shi
nowaybye11-08 17:28
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Key Insights
BTC price increased by 5% quarter-on-quarter to $66,083, experiencing significant two-way volatility as price action remains unstable. The main driving factors for this trend are macroeconomic.
Spot BTC ETFs impressed with a recovery quarter, contributing nearly $5 billion to net inflows in Q3, up 73%. They currently hold over 900,000 BTC in total.
The halving of block rewards and rising hashrate has reduced miners' profits. Miners' revenue decreased by 30% quarter-on-quarter.
Activity in ordinals and rune continues to rise. However, certain collections and NFT assets have managed to maintain relevance after the initial price drop.
TVL on programmable Bitcoin layers increased by 20% quarter-on-quarter, while LRT's TVL surged after Babylon launched its first staking round. Core and Lombard are early winners in their respective categories.
First
Bitcoin (BTC) is the first peer-to-peer payment network based on distributed consensus. Bitcoin (BTC), the native asset of the Bitcoin blockchain, is the world's first digital currency without a central bank or single administrator. Often referred to as digital gold, bitcoin has a stable, predictable monetary policy and operates autonomously, giving it ideal store of value characteristics.