Analyst Ki Young Ju shared a chart on X that suggests a surge in Bitcoin demand over the past month. This could be a sign of bullish momentum on the horizon.
What the “Bitcoin: Apparent Demand (30-day Sum)” Chart Tells Us
This chart tracks how many people have been actively buying, holding, and using Bitcoin in the last 30 days. A rise in this metric suggests growing investor confidence, which often precedes price increases.
Bitcoin’s Dominance on the Rise
Since the beginning of October, Bitcoin’s dominance in the crypto market has climbed from 57.39% to its current level of 58.10%. This indicates that Bitcoin is outperforming altcoins.
Altcoin Dominance Takes a Hit
Conversely, altcoin dominance has fallen during this period, dropping from 10.28% to 10.27%.
Bitcoin Price Poised for Further Growth?
The Bitcoin price has jumped 9.3% in the last 30 days, reaching a monthly high of $66,084. While the current price is slightly lower, the recent demand surge suggests further gains could be in store.
In Short:
- Bitcoin demand is rising, potentially indicating a bull run.
- Bitcoin dominance is up, while altcoin dominance is down.
- Bitcoin’s price has risen significantly in the past month and could continue to climb.