Bitcoin (BTC) has climbed back to $44,000 for the first time in 19 months – nearly three years since first reaching that value in February 2021.
That doesn’t mean the asset is stagnant, however: on-chain analysis finds that much has changed about the nature of the crypto market, painting a much more bullish outlook this time around.
Bitcoin at $44k: Then VS Now
According to leading Glassnode analyst James Check, $44,000 marked the “absolute zenith of on-chain mania” back in January 2021.
The growing hype was visible by observing Bitcoin’s “Value Days Destroyed” Multiple – a Glassnode metric for detecting whether overheated or undervalued Bitcoin markets.
A higher multiple indicated that long-term investors are finally realizing profits on old, once-dormant coins. Spending of these older coins quickly overpowers demand, “ending euphoric bull runs” according to Glassnode.
In January 2021, Bitcoin’s Value Days Destroyed multiple tapped an all-time high of roughly 4.2
We współpracy z: https://cryptopotato.com/bitcoin-returns-to-44k-heres-whats-different-this-time/
