Unlike regular trading volume that’s often artificially inflated by the crypto exchanges, on-chain activity could be more indicative of true patterns. Interestingly, the sole metric that experienced a downward trend is that the number of exchange deposits. This might be a bullish sign in its own right.
70% Hike In BTC/USD Pair
The data for the previous week indicates a serious spike in off-chain trading volume als . As an example, the BTC/USD pair saw a 70% hike in its biggest bounce since April; DAI/USDT spiked by over 700% within the same period of time .
Bloomberg believes that the basics indicate that Bitcoin will surpass $12k by this year, if not higher. With the huge push coming over the last 24 hours, some began to take a position whether Bitcoin can break its all-time high of $20k or not.