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Decoding Bitcoin’s Hidden Demand Amidst Market Turbulence

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Bitcoin, the largest crypto by market cap, has experienced a week of significant turbulence. While its price has stabilized and is no longer plummeting, the flagship token continues to remain below the $27,000 threshold. Yet, a closer analysis of Bitcoin’s varying circumstances uncovers more than meets the eye. By delving deep into the cryptocurrency’s ever-changing fate, a comprehensive assessment of the BTC network’s fundamentals by CryptoQuant offers essential insights into hidden market demand and the evolving dynamics of the cryptocurrency realm.

Analyzing the Active Addresses [SMA 7] and Transaction Count [SMA 7] charts, the data analysis tool recorded a significant increase in BTC deposits, withdrawals, and transactions in May, attributed to the Ordinals. However, a sharp decline on September 19 indicated a decrease in Bitcoin network activity. CryptoQuant experts attributed this dip to a no. of factors such as a slowdown in new investments entering the market, leading to reduced liquidity and lower price volatility.

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Decoding Bitcoin's Hidden Demand Amidst Market Turbulence 2

Furthermore, a quick look at the total number of Bitcoin transfers [Tokens Transferred, 14MA] revealed an equilibrium between whales and institutional investors. Even though this balance hints at limited prospects for an imminent market rally, the situation wasn’t dire; indicators like hash rate and mining difficulty, crucial aspects of Bitcoin’s network fundamentals, continued to display positive trends, portraying a healthy ecosystem.

Bitcoin’s Short-Term Supply Conundrum

However, an intriguing development was the recent historical low in Bitcoin’s short-term supply. Experts noted, “In the 2023 price cycle, particularly due to weak performance in the second and third quarters, we witnessed a new historical low in short-term Bitcoin holdings.” Traditionally, during bullish cycles, short-term holders tend to increase their supply, indicating confidence in the market. Yet, in the current cycle, this trend deviated.

Analysts highlighted the absence of a significant transfer of wealth to short-term holders and new investors. Bitcoin’s lackluster performance in recent months led to decreased supply among short-term holders, while fresh capital, representing new investors, displayed cautious optimism. The sentiment was summed up as follows: “The return of confidence and the level of hope among short-term holders are crucial for the long-term price growth.”

As BTC navigates these fluctuations, investors should keep an eye on the evolving network metrics, trader sentiment, and market dynamics to make an informed decision.

Dogecoin’s Transactions Hit ATH As DRC20 Tokens Pump Up The Network

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Dogecoin, the OG memecoin has registered a spike in network activity outperforming that of Bitcoin [BTC] and Litecoin [LTC] in the daily transactions count.

Compared to 575k for BTC, DOGE transactions reached an all-time high of almost 630k, data from BitInfoCharts showed.

LTC’s daily transactions count stood at $341k, down by 36% from its recent ATH on 8 May.

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Dogecoin's Transactions Hit ATH As DRC20 Tokens Pump Up The Network 4

The surge has been ascribed to a rise in demand for DRC20 tokens, a new wave of digital assets, which are being minted on the Dogecoin network.

Patrick Lodder, DOGE developer commented on this issue a few days ago, when the increase was significant but still below today’s levels

The DOGE community’s response was divided, with some arguing that new tokens are merely attempts to cram them into the Dogecoin network.

Mishaboar, a well-known figure in the Dogecoin community, believed that it should be done using well-engineered dedicated L2/whatever solutions rather than the main network, which might already be congested.

“DRC20” then head to their fantastic telegram channels to find out what this is all about (short-time speculation, with hints that you might make 100k overnight).

Others view the surge in a positive light saying that the tokens provide a good opportunity for stress testing the network.

“Everyone should probably focus on the transactional currency use case. At least it’s a good test of the network’s ability to scale.”

The DOGE community, however, was a-buzz with news from its most ardent supporter and current CEO of Twitter, Elon Musk, who is expected to hand the reins of the social media behemoth to Linda Yaccarino.

Twitter New CEO- A New Dogecoin Maxi?

The tech mogul recently announced the appointment of the next CEO of Twitter, saying that she will begin her duties in six weeks without identifying the candidate.

As the news gathered traction, WSJ reported that Yaccarino is the top choice for the role of Twitter’s new CEO.

But the crypto community was more intrigued by her DOGE leanings given that Musk himself is a big-time proponent of the meme coin.

Although Yaccarino hasn’t shown any public support for Dogecoin, her Twitter profile provides offered some interesting insight.

Out of the 1,161 accounts she follows on Twitter, Yaccarino follows Billy Markus, the creator of Dogecoin, Sir Doge of the Coin, and DogeDesigner, in addition to Tesla and the official Twitter account.

Ethereum Surpasses Bitcoin With 338% Transactions During 2022

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Overtaking Bitcoin, Ethereum (ETH) has become one of the year’s top-performing cryptocurrencies. Throughout the year, ETH had its ups and downs, but that does not mean that it did not lose value. The value of nearly all crypto tokens has fallen this year, including the second-largest coin in the world.

Last year, the Ethereum network outperformed Bitcoin in terms of total transaction volume, but the king of cryptocurrencies still holds the top spot in terms of online search interest.

Data from Nasdaq and Ycharts that was posted on Reddit on January 2 showed that the Ethereum network had 408.5 million more total transactions than the Bitcoin network in 2022. (93.1 million).

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The data in the graph are expressed in terms of millions of transactions, with an average daily volume of 255,000 for BTC and 1.1 million for ETH.

However, compared to Ethereum, whose transaction volumes were significantly more volatile, the Bitcoin network’s transaction volumes were more regular and stable. This was brought on by demand spikes at particular times, such NFT launches and other gas-guzzling events like XEN minting.

According to Bitinfocharts, Ethereum’s higher transaction volumes have continued into the new year, with the total number of transactions on Jan. 2 hitting 924,614, a 300% increase over Bitcoin’s 229,191 transactions that day.

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According to the analyst who published the measurements, he was “sceptical about people saying that a flippening could happen someday,” but he added that those who were in favor of it now had good cause to do so.

When one chain outperforms a higher-ranked one for the same metric—in this case, transactions and activity—this is known as a flippening.

Layer 2 transactions, which would put Ethereum even further ahead of Bitcoin for this statistic, are also not included in the figures. L2beat claims that in the middle of October, the volume of L2 transactions per second (TPS) actually topped that of layer 1 Ethereum and has continued to do so ever since.

BTC Still Beats Ethereum In This Aspect

Ethereum may be ahead of Bitcoin in terms of transactions and activity, but Bitcoin is still the most frequently searched cryptocurrency online.

According to a newsletter from “In Bitcoin We Trust” published on January 1, 2022 will see the most Google searches worldwide, with 28.4 million of them being for BTC.

According to local media, which also reported that ETH did not come in second or even third for search popularity, the report was accurate. Shiba Inu and Dogecoin, two meme coins, took up these positions.

According to the data, 3.8 million global monthly searches were made for Ethereum, which came in fourth.

Tron Reaches Another Milestone as Total Transactions Cross One Billion

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The cryptocurrency market has undergone a variety of shifts in the last few weeks, with price fluctuations playing a major role. In the midst of the coronavirus pandemic, the digital asset world has tried its best to keep up with developments and updates.

Tron, the cryptocurrency set to bring to Web 4.0 recently announced a big network achievement. As of May 19, Tronscan announced that the total number of transactions on the Tron network had reached 1 billion, an accomplishment celebrated within the community.

According to industry analysis, the cryptocurrencies that thrive are the ones that evolve and develop internally. Justin Sun founded Tron has always made headlines of new updates, with the latest news being a feather in a burgeoning bag. Tron accomplished this goal by concentrating on accelerated growth while continuing to make efforts to decentralize the network.

While the total number of transactions on the Tron mainnet clocked in at 1.001 billion, the block height was recorded to be 19,873,960. The number of transactions increased to 1,336 million on 1 May, following a market downturn in the preceding days. Many cryptocurrency experts will claim that Tron needs to win because of its price front results.

Tron used to be a permanent part of the top 10 cryptocurrency team, but over the past few weeks, his fate has deteriorated. At the time of the press, TRX was in 17th place when selling for $0.015. Cryptocurrency had an overall market cap of $1.02 billion and a 24-hour trading volume of $1.466 million.

The total number of accounts reached 5.898 million while the main chain enjoyed a decent spike. The 14-day account growth has also been remarkable with the figure increasing from 5.76 million to 5.88 million in two weeks.