[ad_1]
On-chain information exhibits latest pattern within the Bitcoin transaction charges indicator might counsel that the crypto is now coming into the late bear market phases.
Bitcoin “Fees To Block Reward” Metric Has Gone Up Recently
As identified by an analyst in a CryptoQuant post, the BTC charges metric might present that the bear market may very well be advancing to late stage now.
The related indicator right here is the “fees to block reward,” which measures what share of the whole block reward is made up by the Bitcoin transaction fees.
When the worth of this metric goes up, it means the charge is making up a better quantity of the whole miner reward now.
This may counsel that exercise goes up within the community. Such a pattern sometimes happens throughout bull market durations.
On the opposite hand, a downtrend of this indicator might suggest that the blockchain is popping extra inactive proper now. Low values of the metric normally seem throughout bear markets.
Now, here’s a chart that exhibits the pattern within the Bitcoin charges to dam reward (30-day MA) over the previous few years:
Looks like the worth of the indicator has been going up not too long ago | Source: CryptoQuant
In the above graph, the quant has marked the vital areas of pattern of the Bitcoin charges to dam reward metric.
It looks like within the lead as much as and throughout the bull runs, the worth of the charges indicator has traditionally been very excessive.
Related Reading | Chipotle Now Accepts Payments In Bitcoin, Dogecoin
On the opposite, the metric has all the time assumed fairly low values throughout bear market durations. Both these traits are in step with what is anticipated.
Over the previous few months, the metric flatlined at a low worth because the charges remained low attributable to an absence of exercise on the chain.
However, only recently the transaction charges has shot up in worth, producing a spike within the charges to dam reward indicator.
Related Reading | Bitcoin ATM Installations Notch Record Drop In May – Demand For Crypto Waning?
Such spikes have appeared throughout bear markets previously as effectively, they usually have typically signaled the beginning of a late-stage bear market.
If these earlier cases are something to go by, then the present spike within the metric can also counsel Bitcoin is now coming into a late bear interval.
BTC Price
At the time of writing, Bitcoin’s price floats round $31.6k, up 3% previously seven days. The under chart exhibits the pattern within the value of the crypto over the past 5 days.
The value of the coin appears to have surged up over the previous day | Source: BTCUSD on TradingView
Featured picture from Unsplash.com, charts from TradingView.com, CryptoQuant.com
[ad_2]
Source link
