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 | 2local | 5 | 13 |
| 2 | PointPay | 5 | 185 |
| 3 | Geco.one | 4.9 | 41 |
| 4 | Pawtocol | 4.9 | 41 |
| 5 | Ledder | 4.9 | 71 |
| 6 | DogData | 4.9 | 72 |
| 7 | Tycoon | 4.9 | 102 |
| 8 | SerenitySource | 4.9 | 102 |
| 9 | Curate | 4.9 | 132 |
| 10 | IdeaFex | 4.9 | 515 |
| Сryptocurrency | CVIX | Price | Change, 24h |
|---|---|---|---|
| Bitcoin | 88 | $35 413.40 | -1.43% |
| Ethereum | 94 | $1 209.76 | -1.55% |
| Tether | 1 | $1.00 | -0.01% |
| Polkadot | 87 | $17.38 | 1.04% |
| XRP | 75 | $0.275100 | -1.87% |
| Cardano | 91 | $0.379100 | 1.06% |
| Litecoin | 75 | $140.65 | -1.40% |
| Chainlink | 83 | $22.44 | 7.67% |
| Bitcoin Cash | 86 | $476.65 | -1.66% |
| Stellar | 92 | $0.299200 | -2.19% |
| Exchange | Volume change, 24h | ||
|---|---|---|---|
| 1 | Binance | 10.97% | |
| 2 | Binance.KR | 17.13% | |
| 3 | EtherFlyer | 41.08% | |
| 4 | ZG.com | 0.43% | |
| 5 | HBTC | 10.26% | |
| 6 | Dsdaq | 9.43% | |
| 7 | CoinBene | 5.87% | |
| 8 | Hydax Exchange | 9.18% | |
| 9 | Mexo Exchange | 9.50% | |
| 10 | Xtheta Global | 10.14% |
