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A shift in momentum for new Bitcoin addresses is sending a signal that the world’s largest cryptocurrency may be at the beginning of a new bull market, data from cryptocurrency analytics firm Glassnode reveals. According to Glassnode, his 30-day simple moving average (SMA) for new addresses is above his 200-day SMA despite the collapse of crypto exchange FTX in early November.
In fact, the data may suggest that new Bitcoin investors have taken advantage of the FTX implosion-induced Bitcoin price drop as a dip-buying opportunity. Additionally, the data may reflect his post-FTX shift in Bitcoin investors preferring to self-manage rather than leave the cryptocurrency on exchanges.
In any case, the fact that the 30-day SMA for new addresses is above the 200-day SMA is a bullish sign. In the past, the 30-day SMA has usually outperformed the 200-day SMA in Bitcoin bull markets.
According to Glassnode, “an early bull market is often characterized by an increase in daily new users, an increase in transaction throughput, and an increase in demand for blockspace.” “If a new address’s 30-day SMA 🔴 rises above its 365-day SMA 🔵, it indicates a short-term increase in on-chain activity,” the crypto analytics firm continued, adding, “While this condition persists, the network It’s a classic example of improving the foundations of and increasing utilization.”
What’s next for BTC?
Inflationary pressures in the world’s largest economy, the United States, are likely to keep falling sharply as growth slows, prompting investors to expect the US Federal Reserve to keep interest rates at high levels for an extended period of time. In that sense, 2023 will be a very different year than 2022. The year is dominated by a historic hawkish shift in Fed policy.
With cryptocurrency prices now coming from a much lower base and against a more dovish macro backdrop, 2023 could prove to be a much better year for Bitcoin. New Addresses Momentum isn’t the only indication that a bull market may be underway. Bitcoin is above his 200-day moving average and realized price. Both are just below $20,000 and both are considered key psychological levels.
Meanwhile, after a long period of losses, Glassnode’s Net Unrealized Gain/Loss (NUPL) has rebounded into positive territory. This means that the average Bitcoin network wallet has regained its profits. A return to positive territory in the NUPL indicator after a prolonged deficit usually indicates the beginning of a new bull market.
14-Day Relative Strength Index Since Early 2021 Shows Bitcoin Has Just Emerged From Most Overbought Near-Term, Possibly More Corrections In Card To Test 200 DMA And Realized Price Just Below $20,000 maybe. However, as has been the trend so far in 2023, if the macro tailwinds continue and Bitcoin sustains a sustained push above the $21,500 resistance, the cryptocurrency will likely remain near the next major resistance near $25,500 in the near term. You may be considering testing.
Altcoins to consider
The cryptocurrency market has been doing well since early 2023, but the long-term bear market is still active. Investors may want to consider diversifying their holdings with discounted pre-sale tokens of some promising up-and-coming crypto projects. Below is a list of a few that Cryptonews.com analysts believe have the potential to do well.
Fight Out (FGHT) – Pre-sale now
Young movements to earn cryptocurrencies show a lot of promise, but early success stories like STEPN have significant limitations and have so far failed to conquer the mainstream. Fight Out, the move-to-earn future, wants to change that in 2023. Fight Out is a brand new web3 fitness application and gym chain that rewards users for working out, completing challenges and competing in their first race. – A fitness metaverse like no other.
Whereas existing M2E applications such as STEPN only track steps and require an expensive non-fungible token (NFT) buy-in to participate, Fight Out tracks and rewards users’ exercise and activity. adopts a more holistic approach to Participation requires a high buy-in. Fight Out seeks to combine the physical and Web3 worlds.
The project aims to eventually get gyms in every major city in the world while simultaneously promoting an integrated web3 fitness experience. At the heart of Fight Out’s digital ecosystem is a smartphone application, which is expected to be released in Q2 2023, according to Fight Out’s whitepaper.
The Fight Out app utilizes smartphones and wearable technology to measure and track physical performance. The app has its own tokenized economy, where the user can earn rewards by completing her M2E tasks, and the user can fight out his Metaverse. You can create an avatar for him.
FGHT is the token that powers the Fight Out metaverse ecosystem. A user pays a fee to participate in competitions and leagues with his FGHT, and winnings are paid with his FGHT.
FGHT can also be used in peer-to-peer fitness betting. His FGHT token on Fight Out is currently priced at 60.06 per USDT, and interested investors are encouraged to act quickly to secure the token. In just a few weeks, the presale has already raised nearly $3.05 million. FGHT is the token that powers the Fight Out crypto ecosystem.
Visit Fight Out Now
Calvaria (RIA) – Pre-sale almost over
RIA, the token that powers Calvaria, a fantasy-themed NFT battle card game in the afterlife, is also currently on presale. The Play-to-Earn (P2E) crypto gaming startup has raised nearly $3 million in just a few months after its presale began. Only about 8% of its tokens are retrievable.
Calvaria is trying to bring cryptocurrency gaming into the mainstream by tapping into the huge existing market, that of physical battle card games (think viral sensations of the past like Pokemon and Yu-Gi-Oh). increase. He is expected to grow from $4.6 billion in 2022 to $65.7 billion by 2027, according to an analysis by The Crypto Gaming Space. market and market, there is plenty of room for massive growth. Calvaria plans to launch its headline fantasy-themed card game Duels of Eternity in Q2 2023.
C+Charge (CCHG) – Presale now on
The carbon credit industry is projected to be worth $2.4 trillion by 2027Democratizing access to obtain these benefits will be big business in the years to come. C+Charge is currently building a blockchain-based peer-to-peer (P2P) payment system for EV charging stations that allows electric vehicle (EV) drivers to earn carbon credits.
C+Charge aims to elevate the role of carbon credits as the main incentive to drive EV adoption. Today, electric vehicle giants like Tesla make millions of dollars by selling emissions credits to polluters. C+Charge hopes to democratize the carbon credit market by putting these rewards in the hands of EV owners, not just big corporations.
C+Charge has just launched a pre-sale of CCHG tokens that its platform uses to pay for EV charging stations. Tokens currently sell for $0.013 each, but by the end of the presale, this will rise by 80%. Investors interested in getting early access to promising green cryptocurrency projects should act quickly. The project has already raised over $320,000 in just a few weeks of pre-sale launch.
Investors should be aware that the remaining tokens may be scooped up quickly. As you can see here, Crypto Whale recently scooped up his CCHG worth $99 in one transaction. Bsc scan.
Click here for C+Charge
Metamasters Guild (MEMAG)
Meta Masters Guild is an up-and-coming web3 mobile gaming ecosystem that utilizes Non-Fungible Tokens (NFTs) to enable community members to earn rewards, wager and trade in a fun-filled game. We want to create toxic games. Development of the game is already underway, and the team plans to release its first title, Meta Karts, in the coming months.
The promising crypto gaming startup is currently conducting a MEMAG token pre-sale and has already raised a whopping $651,000 in just a few weeks. Tokens are currently priced at $0.007 each. According to some observers, this is stealing. In addition, the price rises to $0.023 by the 7th stage of the presale, so an early investor can earn more than 300% by the time the presale ends.
Click here for the Metamasters Guild.