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November 10, 2020

OnChain Reaction

How bitcoin has broken a long-term downtrend that started in 2018 with ByteTree


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.

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Gerelyn Terzo
Gerelyn caught wind of bitcoin in mid-2017 and after learning about the peer-to-peer nature of Satoshi's creation has never looked back. Previously she covered institutional investing and fintech for several major trade publications. Gerelyn resides in Verona, N.J.

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