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The co-founder and CEO of analytics platform CryptoQuant, Ki Younger Ju, is analyzing Bitcoin (BTC) because the flagship crypto asset hovers practically 10% beneath the 2023 excessive.
Ki Younger Ju says that Bitcoin remains to be in a bull cycle because of the low promoting stress being witnessed because of the vast majority of the BTC acquired or mined greater than six months in the past remaining static.
“Bitcoin remains to be in a bull cycle.
Roughly 71% of realized cap is unmoved BTC (higher than 6 months), indicating low promoting stress from long-term holders at the moment.”
Bitcoin is buying and selling at $29,178 at time of writing, about 8.3% decrease than the 2023 excessive of $31,806.
The CryptoQuant CEO, nevertheless, says {that a} value rally just isn’t assured for the main digital asset.
“Decrease promoting stress doesn’t assure a value enhance, however it’s much less possible BTC is within the cyclic prime at the very least.”
Noting that “Stablecoins for BTC are factor. Individuals purchase BTC utilizing stablecoins”, Ki Younger Ju says that the crypto market is prone to stay calm till the availability of stablecoins rises.
“Market boring till extra stablecoins injected for buy-side liquidity.”
Final month, Ki Younger Ju mentioned that the extent of stablecoin provide was low.
“Stablecoin gas is operating low.”
On the time, the CryptoQuant CEO mentioned that the dominance of the Tether (USDT) stablecoin was growing.
“In the meantime, USDT is consuming the stablecoin market.”
The market cap of USDT is at the moment $83.8 billion whereas that of its closest rival, USD Coin (USDC) sits at $26.6 billion.
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