May 2023 - BITCOINS BLOCKCHAIN BOOMS
In This Month's Issue You Will Find:
Curated Content
Top Trends 2023: 5 Trends To Watch
News Stories: 11
Podcast : 1
Tweets: 3
Books: 1
Not Gonna Make It Events: 3
Market & On-Chain Analysis
Price, Volatility, Market Sentiment Analysis
Network Health
Valuation Models
Top Trends Im Watching
Nation State Level Interest In Bitcoin
Big Tech Integrations Into The Bitcoin Network
Regulatory Headwinds For Access To Bitcoin Products & Services
Bitcoin Market Structure Consolidation
Bitcoin Lightning Network Capacity & Utilization Growth
New Stories
Biden Proposes 30% Climate Change Tax on Cryptocurrency Mining (Yahoo News)
Liechtenstein's Government Plans to Accept Bitcoin for Payments (Bloomberg)
Binance Lifts Block on Bitcoin Withdrawals Amid Heavy Volumes (Reuters)
PayPal's Crypto Holdings Increased by 56% in Q1 2023 to Nearly $1B (Cointelegraph)
21Shares, Ark Invest, Spot Bitcoin ETF (Blockworks)
Stripe Launches Fiat-to-Crypto Onramp That Also Supports Bitcoin Purchases (Nobsbitcoin)
Marathon Teams Up With Abu Dhabi's Zero Two for Middle East's First Large-Scale Liquid Cooled Bitcoin Mining (Yahoo Finance)
ZeroSync: Introducing Validity Proofs to Bitcoin (Nobsbitcoin)
USDT Issuer Tether Says It Will Buy BTC with Realized Profits for Bolstering Stablecoin Reserves (Coindesk)
Ledger Pauses The Launch of Recover Service, Accelerates Open Source Roadmap (Nobsbitcoin)
Stablecoin Issuer Tether to Mine Bitcoin in Uruguay (The Block)
Podcasts
Tweets
Books
Not Gonna Make It
U.S. Crypto Exchange Bittrex Files for Bankruptcy in Delaware (Coindesk)
Gemini Considers Forbearance as DCG Defaults on $630 Million Payment (Cointelegraph)
SEC: Filecoin is Security, Grayscale Investors (Cointelegraph)
Market Analysis
It is important to note that the price of Bitcoin is highly volatile and can fluctuate significantly in a short period of time. As a result, it is crucial for traders and investors to monitor the market price and other related metrics to make informed investment decisions.
The current price of Bitcoin, which stands at $27,217, represents the current value of a single bitcoin. The market capitalization, which stands at $527,731,641,093, represents the total value of all bitcoins in circulation. The -3.19% in the past 30 days in the price of Bitcoin and the market capitalization suggests a downward trend, which can be influenced by various factors such as economic news, geopolitical events, and overall market sentiment.
The current support levels for Bitcoin are at $26,360.00, which aligns with the 200-week moving average, and at $25,300.00, the February 2023 swing high. These levels indicate that these price points are likely to offer support for any potential downward price movements.
On the other hand, the resistance levels are at $30,300.00, the May 2023 swing high, and at $32,200.00, the May 2022 swing high. These levels indicate that these price points may pose a challenge for any upward price movements.
Currently, the 30-day and 180-day volatility indices are at 1.7% and 2.4% respectively, showing a -21.72% decrease in the short-term 30-day volatility.
The Fear and Greed Index is a composite index that measures market sentiment by aggregating data from various sources and providing a score between 0 and 100. The current value of the Fear and Greed Index is 52, which suggests that market sentiment is neutral.
On-Chain Analysis On-chain analysis provides a fundamental perspective on the health and activity of the Bitcoin network by examining various metrics that provide insight into the underlying health of the network, its level of adoption and usage, and its potential for future growth.
Starting with the supply, there are 19,389,293 bitcoins currently in circulation with a finite limit of 21,000,000. When it comes to the network's health, the hash rate, which is a measure of computational power, currently stands at 375,506,129 TH’s, with an 8.66% increase. In terms of adoption and usage, we are seeing a healthy number of daily active addresses at 925,966 and the number of daily transactions decreasing, with a current count of 421,021 and a -38.6% decrease. Furthermore, the daily total transaction value is increasing, reaching $4,169,042,846.21 with a 22.39% increase.
Valuation Models It's important to note that on-chain valuation models for Bitcoin are still in their early stages of development and should be used with caution. While they have shown promising results in the past, they are not a perfect indicator of future market performance.
Overvaluation Levels:
$84,367.16 - 32x Thermocap Multiple
$60,612.94 - 3x Realised Price
Undervaluation Levels:
$21,091.79 - 8x Thermocap Multiple
$20,204.31 - Realised Price
The Thermocap multiple measures the value of Bitcoin relative to the total miner revenue, providing insight into the asset's price premium with respect to total revenue received by miners. Currently, the Thermocap multiple stands at 10.32, with a -4.75% decrease.
The MVRV ratio, which measures the market value of Bitcoin relative to its realized value, is currently at 1.35. The realised capitalization, the total value of all Bitcoin in circulation at the price they last moved, is currently at $391,747,325,110. The realized price for bitcoin, or the result of dividing the realized capitalization by the total coin supply, is currently $20,204.31, with a 1.2% increase.
In conclusion, the value of Bitcoin is volatile, which is why it is crucial for those involved in trading or investing to keep track of various metrics that provide valuable insight into the current state of the bitcoin market. The current market scenario is neutral, with a -3.19% decrease in price over the past 30 days and an 8.66% increase in hash rate, a -0.4% decrease in number of active addresses, and a -38.6% decrease in transactions, signaling a flatline in activity. While on-chain valuation models suggest that the market is undervalued.
Thanks for reading Secret Satoshis! Subscribe for free to receive new posts!
Historical Article: April 2023
Free Educational Bitcoin Resources: TreyBrunson.com
Content Written By ChatGPT - Validate
Data Sources: