To Return of Retail Investors, Bitcoin Price Rests Above Key Indicator

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In spite of pulling back from recent highs, the world’s biggest crypto by market cap stays above a key long-term indicator. And it is a reflective of bullish market conditions. Prices are changing hands and shifting. The changings are around $46,350 after topping out $46,453 in the last day at the moment. This was what CoinDesk data showed. The crypto is still up 57% year-to-date. And also it is making a progress toward its all-time high of $64,829, witnessed April 14.

“After a quiet July, we’re seeing a return of retail investors,”. Caroline Bowler, the CEO of Australian crypto exchange BTC (+1.41%) Markets, said. “Market wisdom draws a line between the retreat of Chinese bitcoin miners and the recentering of trading activity in the U.S. and Europe.”

Blockchain data

In fact, Tuesday’s on-chain analysis by Blockchain data company Kaiko shows that trading activity is continuing to change from China to the U.S. and EU amid the crackdown against crypto mining in the Communist state.
The 200-day moving average now looks to be holding prices above $45,117. These numbers was according to Bitstamp exchange data. As, price action is noted bullish above (red line) and bearish below, per technical market theory.

“Despite July being a quieter month, we experienced a significantly larger number of accounts trading over $1 million per month,” Bowler said.

Glassnode data

Glassnode provided some data indicates the total supply of Bitcoin held by entities with a balance of 0.1-1 BTC has kept increasing alongside Bitcoin’s price suggesting retail is buying up alongside institutional investors.
Bitcoin isn’t the only crypto that is having an uptick in trading activity for the month of August.

Ethereum and other’s volume

“Ethereum (ETH, +3.34%) and other assets are representing the majority in trading volume and not Bitcoin,”.  Daniel Kim, the head of capital markets at Maple Finance, said. “This shows that individuals and institutions are feeling a lot more comfortable holding other cryptos and are no longer “diversifying” their portfolios by just holding bitcoin.”

Other considerable Altcoins in the top 20 by market capitalization are also riding high. This riding is over a 24-hour period with the cardano (ADA, +15.01%), XRP (+10.34%), binance coin, polygon (MATIC, +19.45%) and stellar (XLM, +7.56%) having posted the highest gains.

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