On-chain exchange activity exploded during Bitcoin’s recent breakout, seemingly confirming the legitimacy of the price momentum. Bitcoin’s (BTC) recent breakout was accompanied by a massive spike in on-chain exchange volume activity, according to data from Glassnode.
Unlike regular trading volume that is often artificially inflated by the exchanges, on-chain activity may be more indicative of the true patterns. Interestingly, the only metric that experienced a downward trend is the number of exchange deposits. This may be a bullish sign in its own right.
The data for the previous week indicates a major spike in off-chain trading volume as well. For instance, the BTC/USD pair saw a 70% increase in its biggest bounce since April; DAI/USDT spiked by over 700% in the same time period.
Bloomberg believes that the fundamentals indicate that Bitcoin will surpass $12,000 this year, if not higher. With the massive push coming over the last 24 hours, some began to speculate whether Bitcoin can break its all-time high of $20,000.
| ICOs | Rating | Days left | ||
|---|---|---|---|---|
| 1 | DogData | 5 | 86 | |
| 2 | SerenitySource | 5 | 146 | |
| 3 | Tycoon | 5 | 147 | |
| 4 | Curate | 4.9 | 17 | |
| 5 | Ledder | 4.9 | 147 | |
| 6 | IdeaFex | 4.9 | 680 | |
| 7 | DIPChain | 4.8 | 25 | |
| 8 | BitWings | 4.8 | 55 | |
| 9 | Arena Match | 4.7 | 15 | |
| 10 | WEARVR | 4.7 | 24 |
| Сryptocurrency | CVIX | Price | Change, 24h |
|---|---|---|---|
| Bitcoin | 78 | $11 715.66 | 3.29% |
| Ethereum | 88 | $397.78 | 1.56% |
| XRP | 82 | $0.301960 | 0.64% |
| Tether | 1 | $1.00 | 0.06% |
| Bitcoin Cash | 85 | $292.31 | 0.25% |
| Bitcoin SV | 77 | $232.76 | 1.50% |
| Litecoin | 88 | $58.69 | 0.70% |
| Cardano | 68 | $0.142516 | -0.18% |
| Chainlink | 61 | $9.69 | 1.60% |
| Binance Coin | 71 | $23.18 | -0.43% |
| Exchange | Volume change, 24h | ||
|---|---|---|---|
| 1 | Binance | 18.87% | |
| 2 | EtherFlyer | 44.19% | |
| 3 | TAGZ Exchange | 11.50% | |
| 4 | IDCM | -1.34% | |
| 5 | Binance.KR | 3.16% | |
| 6 | ZG.com | 0.63% | |
| 7 | OKEx | -0.34% | |
| 8 | Huobi Global | 23.72% | |
| 9 | WBF Exchange | 25.82% | |
| 10 | BitMEX | 33.70% |
