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Bitcoin: New ATH, yes, but how mature really is the market now
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The king coin has had a remarkably strong month as it hit another all-time high of $68,231.99 (As per data from Messari). This milestone was achieved after an extended period of sideways movement post the 20 October ATH. Alongside the rise in prices, Bitcoin’s market has continued to show strength in supply and demand dynamics. On the other hand, on-chain activity seemed to present a perplexing divergence.
Despite hitting ATH levels, BTC’s on-chain activity, at press time, remained only marginally above bear market levels. While this sounds bearish, it could, in fact, be a sign of the BTC market maturing.
So, what comes next for the king coin?
As Bitcoin’s price approaches new ATHs, generally, Long-Term Holders (LTHs) begin distribution.
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