James Bennett, CEO of ByteTree, provided the latest onchain insights and observations. This week, Bitcoin broke the long term downtrend that it started in 2018.
(44:38) “It’s been a really exciting week for bitcoin again now that we’ve broken that long-term downtrend that we started in 2018. Bitcoin currently sits a little bit below $12K.”
(44:50) ByteTree’s Network Demand score remains at five out of six, which is bullish as bitcoin pushes toward $12K. The score has been bullish for the past couple of weeks.
(45:19) “As bitcoin continues to push upward, the valuation actually is holding steady. And this is a factor of the growth in sentiment volume that we’ve seen on-chain…The sales or the value that’s being generated by the network through the increase in sentiment volume is increasing faster than the market price…which is really positive.”
(47:10) Network fees remain high, as total revenues generated by miners climb back towards pre-halving levels.