Bitcoin Gains 656% Since 2022 Amid Strong Market Demand, Says Glassnode
The Bitcoin market is reacting negatively to escalating geopolitical tensions between Israel and Iran, causing prices to consolidate between $105,000 and $106,000 after a drop below $103,000.
Market Insights
- Analytics firm Glassnode compares the current bull cycle's price growth to previous cycles.
- Bitcoin’s price has risen by 656% since 2022, lower than past cycles (1076% and 1007% for 2015-2018 and 2018-2022 respectively).
- This growth reflects Bitcoin's maturation, influenced by institutional investment and a $2 trillion valuation.
- In contrast, gold achieved only 192% growth over the past decade.
- Glassnode highlights sustainable demand as Bitcoin’s market cap increases.
Current Market Overview
- Bitcoin is trading at $105,540 with a slight gain of 0.20% in the last 24 hours.
- Daily trading volume has decreased by 35.39%, indicating reduced market participation.
- Weekly network fees fell by 3.31% amid negative political developments and uncertain market sentiment.
- Exchange inflows increased by $2.4 billion, suggesting investors are distributing holdings.
- Since reaching an all-time high of $111,891 on May 22, Bitcoin has seen a notable price correction, dropping below $101,000.
- The Fear & Greed index stands at 63, indicating a bullish sentiment among investors.
