Exchange Activity Explodes Following Bitcoin’s $10K Breakout
28 Jul 2020 #Bitcoin
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.
700% growth in DAI/USDT
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | Volume 24h | |
| 1 |  BTC |
Bitcoin predictions | 81.2% | 35 | $43 081.91 | 1.35% | -8.98% | $811 087 159 268 | $32 566 242 601 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 72.8% | 49 | $2 973.82 | 2.01% | -10.60% | $349 960 860 996 | $21 587 502 761 | |
| 3 |  ADA |
Cardano predictions | 62.4% | 80 | $2.27 | -2.69% | -2.67% | $72 581 341 919 | $5 657 027 599 | |
| 4 |  USDT |
Tether predictions | 93.2% | 1 | $1.000723 | -0.06% | 0.06% | $68 592 541 921 | $78 405 017 855 | |
| 5 |  BNB |
Binance Coin predictions | 66.4% | 69 | $342.55 | -2.18% | -15.33% | $57 594 887 329 | $1 834 859 342 | |
| 6 |  XRP |
XRP predictions | 72% | 52 | $0.942011 | 0.16% | -11.07% | $44 008 512 090 | $3 471 846 458 | |
| 7 |  SOL |
Solana predictions | 66.8% | 73 | $134.99 | -3.62% | -13.48% | $40 130 984 296 | $2 394 353 078 | |
| 8 |  USDC |
USD Coin predictions | 92% | 1 | $1.000373 | -0.04% | 0.04% | $30 961 410 947 | $3 802 192 647 | |
| 9 |  DOT |
Polkadot predictions | 67.6% | 69 | $29.14 | -4.71% | -12.32% | $28 777 972 657 | $2 530 767 375 | |
| 10 |  DOGE |
Dogecoin predictions | 62% | 77 | $0.204356 | -1.83% | -12.96% | $26 862 009 468 | $1 490 518 775 | |
| 11 |  AVAX |
Avalanche predictions | 61.2% | 87 | $67.41 | -4.29% | -4.38% | $14 849 661 345 | $1 216 715 313 | |
| 12 |  LUNA |
Terra predictions | 69.2% | 59 | $36.08 | -4.62% | 4.12% | $14 432 557 786 | $1 639 919 020 | |
| 13 |  UNI |
UniSwap predictions | 65.6% | 74 | $22.79 | 17.61% | -3.84% | $13 937 536 203 | $1 041 192 676 | |
| 14 |  BUSD |
Binance USD predictions | 94.4% | 1 | $1.000271 | -0.06% | 0.03% | $13 693 035 619 | $5 465 909 777 | |
| 15 |  LINK |
Chainlink predictions | 67.2% | 70 | $24.73 | 9.02% | -10.79% | $11 252 316 912 | $1 925 712 695 |
