Glassnode, a prominent on-chain analysis firm, believes Bitcoin (BTC), based on a single on-chain indicator has room for growth.
The analytics company points out that on the social media platform X BTC’s Realized Cap is used to measure how many coin holders have made a profit, or lost money.
Glassnode says
Realized Cap is a measure of net capital flows into Bitcoin. This inflow is a major driver for bull markets. It has increased 2.1x since the low of 2022 – but is still below the peak of 5.7x in the previous cycle. The typical euphoric stage is marked by a rapid acceleration. However, this hasn’t yet fully manifested itself .”
Glassnode notes also that Bitcoin’s current cycle seems to follow in the footsteps 2015-2018 bullrun, which was driven largely by spot market investors.
When new demand appears, the analytics firm claims that price increases tend to increase in “a second euphoric stage.”
Prior cycles have seen explosive growth. However, a rally of 100x from the lowest point – as in 2015 – is not likely at this scale. “If demand increases, it is possible that there will be more room to expand.”
BTC was trading at $101,807 as of the time this article is written. Market cap-based ranking of the top crypto assets has dropped more than 3.5% over the last 24 hours.
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The post Glassnode’s Historical On-Chain Metrics Suggests That Bitcoin (BTC), Has Room to Run According To Glassnode, Here Is Why could be updated as new information becomes available.
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