BTC broke through previous all-time highs and found support above $23,000 for the first time ever. Meanwhile, on-chain fundamentals remain strongly bullish for BTC and other cryptocurrencies.
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BTC broke through previous all-time highs and found support above $23,000 for the first time ever. Meanwhile, on-chain fundamentals remain strongly bullish for BTC and other cryptocurrencies.
Bitcoin Market Health
Bitcoin had a stellar week, breaking through previous all-time highs and finding support above $23,000 for the first time. BTC started the week at $19,150, rose rapidly on Wednesday and Thursday, and continued to make gains throughout the rest of the week. Overall, its price rose 23 percent, closing the week at $23,510.bull market
Although the price of Bitcoin has surpassed its previous all-time high, its reserve risk is still very low, indicating that the risk/reward ratio of the investment is favorable.When reserve risk was at a similarly low level during the 2017 bull run, Bitcoin was trading below $2,000 and saw a 923% gain before peaking. If BTC also follows this trend in the current market, it means reaching the market top at nearly $220,000.bear market
So while on-chain indicators remain macro-bullish, this trend suggests that we may see some sideways movement in BTC before the next price surge. While the news itself doesn’t mean bearish, it also suggests that while the overall environment remains bullish, BTC’s growth is somewhat limited in the very short term.Bullish comments from Willy Woo
Woo's view: We are in a solidly bullish environment for the next few months.When it was near all-time highs recently, it happened to be in a banded contraction; now, it is in a state of expansion again. Looking at the medium-term environment (next 3 months), we are in a solidly bullish environment.
Altcoin Feature: Litecoin outperforms top 10 cryptocurrenciesMeanwhile, Litecoin’s MVRV ratio remains low at 1.6, compared to Bitcoin’s 2.9. This market cap to realized market cap ratio shows that LTC is relatively undervalued compared to BTC. At the same time, it shows that there is still room for LTC to grow further before its value is overestimated.Litecoin’s MVRV ratio is also well below its 2017 high of 3.7, a further sign that the oft-undervalued cryptocurrency is primed for a comeback.
Weekly Topic: ETH2.0 Pledge Contract Exceeds $1 BillionThe amount of ETH pledged has increased significantly, and the value of ETH in the new ETH2.0 pledge contract has exceeded $1 billion for the first time.After the contract reached the minimum pledge target on November 24, participants who hope to pledge ETH2.0 will continue to enter the pledge, and it has reached nearly 1.7 million ETH; more than 320% of its initial goal.The pledge rate of ETH in this contract has increased significantly in the past few days. So far, 1.5% of the total ETH supply has been staked, and this number is expected to increase as more ETH holders seek the high yield of ETH2.0 staking.
