On-chain indicators suggest this bear market will not be as brutal as previous cycles
According to Lucas Outumuro, head of research at analytics firm IntoTheBlock, several on-chain indicators suggest that the current downtrend in the crypto market may not be as brutal as past bear markets past.
In a new analysis, Outumuro admits that it’s hard to argue that we’re not currently in a bear market.
While the total crypto market cap is down 57% from its all-time high of around $3.07 trillion, which it reached last November, Outumuro noted that fundamentals are has fallen less than in previous bear markets.
Along with the price action, on-chain activity for most assets has also plummeted, which has left many investors concerned. However, this is a recurring pattern throughout previous bear markets.
Bitcoin hit an average daily transaction fee of over $500,000 in May 2022, much higher than $130,000 in May 2018. Ethereum and other cryptocurrencies also reflect a similar pattern when it comes to on-chain activity decreasing markedly.
According to the researcher, both Bitcoin (BTC) and Ethereum (ETH) are also showing consistent progress in development activity despite the recent bearish action.
“Commits to the Bitcoin network have grown over 50% in the past two years as developer efforts consistently improve. This has been one of the few leading indicators for growth in crypto since being an open-source ecosystem it relies on developers globally contributing for sustained improvement of these networks”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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On-chain indicators suggest this bear market will not be as brutal as previous cycles
According to Lucas Outumuro, head of research at analytics firm IntoTheBlock, several on-chain indicators suggest that the current downtrend in the crypto market may not be as brutal as past bear markets past.
In a new analysis, Outumuro admits that it’s hard to argue that we’re not currently in a bear market.
While the total crypto market cap is down 57% from its all-time high of around $3.07 trillion, which it reached last November, Outumuro noted that fundamentals are has fallen less than in previous bear markets.
Along with the price action, on-chain activity for most assets has also plummeted, which has left many investors concerned. However, this is a recurring pattern throughout previous bear markets.
Bitcoin hit an average daily transaction fee of over $500,000 in May 2022, much higher than $130,000 in May 2018. Ethereum and other cryptocurrencies also reflect a similar pattern when it comes to on-chain activity decreasing markedly.
According to the researcher, both Bitcoin (BTC) and Ethereum (ETH) are also showing consistent progress in development activity despite the recent bearish action.
“Commits to the Bitcoin network have grown over 50% in the past two years as developer efforts consistently improve. This has been one of the few leading indicators for growth in crypto since being an open-source ecosystem it relies on developers globally contributing for sustained improvement of these networks”
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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