Bitcoin: Latest On-Chain Data Shows Positive Signs
With the start of the first week of April, Bitcoin still hovers around the $28,000 mark. Let's have a look at recent on-chain data and what it means for the biggest cryptocurrency by market cap.
Bitcoin’s relative unrealized loss has reached a 10-month low of 0.142, while its mean block size hit a one-month low of 1,805,806.623.
However, the number of spent outputs with a lifespan of 1-24 hours has hit a one-month high of 15,085.863, indicating high levels of Bitcoin activity.
The number of addresses in profit has also reached an 11-month high of 33,187,747.661, showing that more investors are benefiting from the cryptocurrency’s recent gains. Additionally, the amount of supply last active between 1-3 months has hit a three-month low of 1,075,322.502 BTC – which is evident that many investors are hodling their assets.
On the other hand, Bitcoin’s open interest in perpetual futures contracts has hit a one-month high of $219,421,642.79 on Bitmex, indicating increased demand for these types of contracts.
READ MORE: April: A Bullish Month for Bitcoin and US Stocks?
The number of addresses holding 0.1 or more coins has reached an all-time high of 4,298,929, and the number of active addresses in the last seven days has hit a one-month high of 58,645.458. Finally, the amount of supply last active between 2-3 years has hit a two-year high of 2,529,322.812 BTC.
These data points suggest that despite some short-term dips, Bitcoin still shows strong activity and interest from investors, with new all-time highs reaching several key areas.
At the time of writing, the number one cryptocurrency is trading at a little over $28,000, with a 4.15% surge on the weekly chart and $18.5 billion volume in the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
