The CryptoQuant report said that over the summer, “apparent demand” for Bitcoin fluctuated between 23,000 and 69,000 coins per month.
“In April, when the price was hovering around $70,000, apparent demand for Bitcoin increased by 496,000 BTC per day, and in September decreased to below 55,000,” the document reports.
CryptoQuant calculates the demand metric as the difference between the number of new bitcoins created each day as rewards to miners and the change in the number of coins that have not moved during the year. According to analysts, the decline in “apparent demand” in September prevents the first cryptocurrency from demonstrating a bullish trend, and long-term BTC holders have reduced sales to new buyers.
By the end of the year, the resumption of growth in the value of Bitcoin will depend on whether the “apparent demand” parameter can overcome the downward trend. The results of the US presidential election in November are unlikely to have a strong impact on asset prices, experts noted.
Earlier, the founder of 10x Research, Markus Thielen, explained the reason for the fall in the rate of the first cryptocurrency below $66,000. In his opinion, the market is experiencing a traditional correction due to overbought Bitcoin.
Source: Bits
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