Bitcoin Retail Demand Rises 13% In 1 Month: Time For Q4 2024 Rally?
23 Outubro 2024 - 3:30AM
NEWSBTC
After four months of declining transaction volumes from retail
investors, Bitcoin (BTC) retail on-chain activity shows signs of
resurgence. Will Bitcoin Benefit From Rising Retail Participation?
According to a recent analysis by on-chain analytics platform
CryptoQuant, BTC transactions worth less than $10,000 are rising,
reflecting a shift in the market’s sentiment from risk-averse to
risk-on. Related Reading: Bitcoin Breaks Through $65,000, Is
“Uptober” Rally Just Getting Started? Tracking transactions under
$10,000 helps gauge retail activity. Unlike institutional
transactions driven by fundamentals and long-term outlooks, market
sentiment and news often influence retail activity. Per the
analysis, Bitcoin’s retail demand struggled to rebound after the
cryptocurrency’s all-time high (ATH) in March 2024. However, retail
demand has surged 13% in the past 30 days with room for further
growth. During this same period, BTC gained approximately 7%,
rising from $63,142 on September 22 to $67,346 by October 22. Both
rising retail on-chain activity and price suggest a potential
upside for BTC in Q4 2024. The swift recovery of BTC and other
cryptocurrencies following Iran’s offensive against Israel earlier
this month also signals a return to risk-on behavior in the digital
asset market. It is worth noting that although retail on-chain
activity diminished over the last four months, institutional
investors continued to maintain “a high amount of transactions and
absorption of coins.” The analysis reads in part: This recent rise
in bitcoin is causing small investors to return to trading,
signaling the beginning of a pattern of lower risk aversion. Is A
Q4 2024 Rally On The Horizon? The return of Bitcoin retail on-chain
activity is an encouraging sign that suggests renewed interest
among retail investors toward the leading digital asset. However,
with the looming US presidential elections, there could be more
volatility ahead for BTC price. Related Reading: Bitcoin Price
Braces For Volatility Ahead Of Chinese Stimulus Speculations,
Options Expiry According to several crypto analysts and trading
firms, the likelihood of a crypto Q4 2024 rally hinges on the
results of the US presidential elections. Bitwise CIO Matt
Hougan recently remarked that “anything other than a Democratic
sweep” would benefit BTC propel to $80,000 in Q4 2024.
Bitcoin dominance, a metric that measures BTC’s share of the
overall crypto market, recently hit 58.9%, a new cycle-high. While
this is promising for BTC’s future price, a further surge in
dominance could harm altcoins’ performance. As a result, Q4 2024
may bring a new ATH for BTC but muted returns for altcoins. It is
also worth considering that the renewed retail demand for digital
assets might be geography-specific, and not uniform worldwide. For
instance, in South Korea, BTC is trading at slightly lower prices
than global prices due to a negative ‘kimchi premium,’ hinting low
domestic investor sentiment toward digital assets. BTC trades at
$67,346 at press time, down 1.4% in the past 24 hours. Featured
image from Unsplash, charts from CryptoQuant and Tradingview.com
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