Bitcoin
BTC$42 499.74

-1.69%

Ethereum
ETH$3 240.18

-3.24%

Binance Coin
BNB$471.64

-5.87%

Tether
USDT$1.000291

-0.01%

Cardano
ADA$1.48

4.97%

USD Coin
USDC$0.999982

0.02%

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.

Source


Related

Cryptomarket changing landscape
Cryptomarket changing landscape
Cryptocurrencies rebounded as part of a general downward trend
Cryptocurrencies rebounded as part of a general downward trend
Expert warns higher inflation could whip BTC price to $30K
Expert warns higher inflation could whip BTC price to $30K
Bitcoin continued its downward trend
Bitcoin continued its downward trend
Trade For More, with multiple fees slashed to zero on all crypto CFDs
Trade For More, with multiple fees slashed to zero on all crypto CFDs
Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last
Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last
Bitcoin dips below $47K as US dollar surge dampens BTC price performance
Bitcoin dips below $47K as US dollar surge dampens BTC price performance
Bitcoin holdings of public companies have surged in 2021
Bitcoin holdings of public companies have surged in 2021
Bitcoin has risen 7%–36% in the first week of January each year since 2018
Bitcoin has risen 7%–36% in the first week of January each year since 2018

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 71.2% 55 $42 499.74 -1.69% 3.90% $804 612 153 299 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 67.2% 67 $3 240.18 -3.24% 7.66% $386 221 666 258 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 55 $471.64 -5.87% 13.52% $78 669 453 462 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000291 -0.01% 0.01% $78 422 379 350 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 74.8% 53 $1.48 4.97% 33.24% $49 641 760 562 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999982 0.02% -0.02% $45 408 574 979 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 60.4% 78 $142.41 -5.01% 7.28% $44 738 935 131 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 71.2% 58 $0.760679 -2.17% 5.13% $36 256 323 649 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 71.6% 59 $80.99 -5.64% 18.07% $29 003 031 725 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 75.6% 53 $26.06 -6.24% 12.03% $25 733 903 487 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 46 $0.168009 -5.80% 17.84% $22 289 819 399 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 65.6% 76 $88.17 -6.02% 6.34% $21 545 510 909 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 70.8% 54 $2.27 -2.65% 14.59% $16 595 998 407 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 72.8% 59 $0.000029 -5.71% 7.80% $15 821 241 817 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 94% 1 $1.000713 0.14% -0.01% $14 457 507 802 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.