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November 7, 2023

Bitcoin Indicator Signals Bullish Moves: Market Demand Outpacing Supply

Ethan Lim
Written byEthan LimWriter
Researched byNikos PapadopoulosResearcher

Introduction

The co-founders of a top crypto data analytics firm, Glassnode, have identified a reliable Bitcoin (BTC) indicator that suggests bullish moves for BTC. They share this information with their followers on the social media platform X, under the handle Negentropic.

Bitcoin Indicator Signals Bullish Moves: Market Demand Outpacing Supply

Market Demand Outpacing Supply

Happel and Allemann highlight that BTC's market demand is surpassing its supply. This is a clear sign of robust positive momentum in the Bitcoin market.

New Addresses Created

The Bitcoin network recently witnessed the creation of 700,000 new addresses in just one day. According to the analysts, this is one of the top indicators for future price movements.

Increased Bids

In their blog post, the co-founders further analyze the situation and suggest that buyers will need to increase their bids due to the fast pace of BTC. This could potentially drive the price of BTC up.

Altcoins Making a Comeback

Looking beyond BTC, Happel and Allemann point out that decentralized finance (DeFi) and layer-1 tokens are making a comeback. Altcoins, such as Solana, XRP, and Cardano, are showcasing impressive growth and investor interest.

Conclusion

As BTC stabilizes, the spotlight turns to altcoins for potentially higher returns. This week's rotation is clear: as BTC and ETH plateau, DeFi and Layer 1 tokens are bouncing back with vigor.

BTC is currently valued at $34,675.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

About the author
Ethan Lim
Ethan Lim
About

Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.

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