Recent data suggests a favorable outlook for Bitcoin as long-term support levels remain strong.
The 30-day Exponential Moving Average (EMA) of Binary Coin Days Destroyed (CDD) is fluctuating between 0.1 and 0.3, indicating that long-term holders are actively accumulating Bitcoin.
Long-Term On-Chain Support Levels Signal a Positive Outlook for #Bitcoin
âThe 30-day EMA of Binary CDD is moving between 0.1 and 0.3, indicating that long-term holders are accumulating Bitcoin.â â By @avocado_onchain
Full post đhttps://t.co/0mhQMzMkMQ pic.twitter.com/mnLyoFBUc0
â CryptoQuant.com (@cryptoquant_com) September 23, 2024
Moreover, there is a notable shift in Bitcoinâs hashrate dominance towards U.S. mining companies.
#Bitcoin hashrate dominance is shifting to U.S. mining companies.
Chinese mining pools operate 55% of the network, while U.S. pools manage 40%.
U.S. pools primarily cater to institutional miners in America, while Chinese pools support relatively smaller miners in Asia. pic.twitter.com/kepopLWBSD
â Ki Young Ju (@ki_young_ju) September 23, 2024
Currently, Chinese mining pools control 55% of the network, while U.S. pools account for 40%. U.S. pools primarily cater to institutional miners, whereas their Chinese counterparts tend to support smaller miners in Asia.
The altcoin market is also showing signs of growth, with the total market cap poised to exceed $1 trillion soon.
The #altcoin market cap looks primed to surpass $1 trillion⊠It is just a matter of time before #altcoinseason! pic.twitter.com/NRRa6v3ZOk
â Ali (@ali_charts) September 22, 2024
This increase suggests that an altcoin season may be on the horizon. Bitcoinâs dominance appears to be reaching its peak, potentially dipping to around 47%, which could create an opportune moment for altcoins to thrive.
#Bitcoin dominance seems to be topping out, hinting at a possible dip to 47% â setting the stage for an #altcoinseason! pic.twitter.com/qkz4IziP8r
â Ali (@ali_charts) September 22, 2024
Fourth Quarter Of The Year Is Bitcoinâs Good Period
Historically, Bitcoin has performed well during the fourth quarter. In 2016, it surged by 61%, and in 2020, it skyrocketed by 171%. Interestingly, the price movements in 2024 thus far closely resemble those seen in both of those years.
#Bitcoin gained +61% in Q4 of 2016 and +171% in 2020. Interestingly, 2024's price action so far mirrors both yearsâcould history be repeating itself? pic.twitter.com/M6KxT0unE0
â Ali (@ali_charts) September 23, 2024
Additionally, Bitcoin spot exchange-traded funds (ETFs) have seen significant inflows recently. Last week, the Bitcoin spot ETF attracted a net inflow of $397 million, with Fidelityâs ETF FBTC bringing in $138 million, and ARK 21Shares Bitcoin ETF AKRB seeing an influx of $102 million. These trends reflect increasing institutional interest in Bitcoin, further strengthening the case for a positive market outlook.
Bitcoin spot ETF had a net inflow of $397m last week, Fidelity ETF FBTC had an inflow of $138m, and ARK 21Shares Bitcoin ETF AKRB had an inflow of $102m. Ethereum spot ETF had a net outflow of $26.26m last week, and Grayscale ETF ETHE had an outflow of $46.38m.âŠ
â Wu Blockchain (@WuBlockchain) September 23, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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