A change in momentum signals the creation of new Bitcoin-BTC wallet addresses On the upside, the top cryptocurrency by market capitalization is set to witness the start of a new bull market, according to data from blockchain crypto data tracking and analysis platform, Glassnode. The platform also reported that the 30-day simple moving average (SMA) new address line crossed its counterpart measured in the 200-day time frame at the start of last November, despite the collapse of the FTX cryptocurrency exchange. toward the start of that very month.
These data indicate that it is possible that new investors in the currency Bitcoin took advantage of the fall in the price of this currency - against the backdrop of the collapse of FTX - to chase a profitable deal. Additionally, this data may reflect a change in the tendency of bitcoin investors - after the collapse of FTX - to hold their coins themselves in their personal wallets and with their own knowledge, rather than leaving their digital currency holdings on Scholarships. Regardless of this trend, the 30-day SMA of new wallet addresses has crossed the 200-day SMA indicating that Bitcoin will rally soon; The 30-day SMA of new addresses usually surpasses the 200-day SMA when Bitcoin begins to price in an extended bull market.
Glassnode added: “The appearance of a bull market is often associated with a daily increase in the number of new users, an increase in the number of financial transactions carried out on a blockchain, and an increase in the number of transactions in a block of single financial transaction on a blockchain. Crypto financial data analytics firm Glassnode added: "When the 🔴 simple moving average (SMA) of new addresses in the 30-day period exceeds the 365-day SMA 🔵, it indicates a short-term expansion of the activity." “The prolonged persistence of this state often reflects improving fundamentals of blockchain itself and expanding the scope and pace of its general use.
What is the future of Bitcoin-BTC?
Inflationary pressures in the United States - the world's largest economy - are likely to continue their rapid decline in conjunction with declining economic growth in the country, and so investors are increasingly raising the ceiling on their bets. that the US Federal Government The Federal Reserve will not be able to sustain high-interest rates for long, which means that the year 2023 will be very different from the year 2022, which saw the trend of the Federal Reserve following a very strict interest and rate policy.
The year 2023 could see a significant improvement in Bitcoin's performance, given rising cryptocurrency prices - having rebounded from very low lows - and less hawkish economic policy in the United States. The growing momentum of opening new bitcoin wallet addresses is not the only indicator of the imminent start of a bull market, as the price of bitcoin has risen above both the 200-day moving average and the realized price. of the coin (verified bitcoin price refers to the value of all bitcoins purchased) at a price determined by dividing by the number of bitcoins in circulation at the time), each of which remained just below the level of 20 $000, and both are very important psychological indicators.
Additionally, the Net Unrealized Gains and Losses (NUPL) index has increased, according to data from Glassnode, which indicates an increase in the average number of Bitcoin wallets – with an unrealized profit – in recent times (because they don't haven't sold their coins yet) Usually, a rally in the NUPL index after a long period of decline indicates the start of a new bull market.
Given that the price of Bitcoin (BTC) has just emerged from the largest short-term overbought event since 2021 – based on the Relative Strength Index (RSI) reading over the 14-day period – it is likely that the correction will continue to test each level. The 200-day moving average indicator and the reached price level of the currency (just below $20,000). And if macroeconomic conditions remain favorable – as we have witnessed since the beginning of 2023 – and the price of Bitcoin reaches a sustainable break from the $21,500 resistance level, the price of this digital currency could soon test the next resistance level at around $25,500.
Alternative currencies to consider
Digital currency markets have done well since the start of 2023, but these markets are still in a long-term down cycle. Investors might tend to diversify their digital currency holdings by investing in discounted digital currency pre-sale offerings, with some promising and ambitious crypto projects launching. Here are some of the altcoin projects that Cryptonews.com analysts consider to have huge potential for success.
Fight Out (FGHT) Sees Presale Currency
Crypto startups based on the move-to-earn model seem very promising, but the experience of the first temporary successes witnessed by this type of project - like STEPN - prevented it from proving itself in the market due to the aspects it contains. ; The Fight Out project - which promises to ensure a bright future for the move-to-earn model - seeks to change this reality in 2023.
The Fight Out Project is a new Web3-based fitness application - with a chain of gyms that rewards its users for exercising, winning between competitions, and competing in a virtual world (Metaverse) dedicated to fitness - the first of its kind.
Other fee-for-move apps, such as STEPN, only track users' steps, and subscribing to them requires the purchase of expensive non-fungible tokens (NFTs), while the Fight Out project takes a holistic approach to tracking movement. users and rewarding them for exercises and activities, and does not require a subscription to pay large sums of money to it; The Fight Out project seeks to combine the real world with the world of the third web (web3), and the project also aims to own gyms in most major cities around the world, in addition to promoting an integrated fitness experience based on the third web (Web3).
According to what was mentioned in the project's whitepaper, Fight Out's technical system includes a mobile application that will be launched in the second quarter of 2023. This application will use mobile technology and wearable technologies to measure and track physical performance. . The app also includes a digital currency that is used to reward users for completing M2E missions, and they can also create avatars that represent their characters and allow them to interact with the virtual world of Fight Out.
FGHT is the base currency of the technical system on which the virtual world of Fight Out is based. This currency is used to participate in competitions and tournaments. Winners will be rewarded with FGHT coins. This currency can also be used peer-to-peer. sports bets.
The price of FGHT coin is now 60.06 coins for each USDT coin, and interested investors should hurry to buy FGHT coins after the presale of this coin raised around $3.05 million in a few weeks only because FGHT is the base currency of the technical system of the world Fight Out Out)) by default.
The Calvaria-RIA project is about to finalize its presale
The Calvaria Project is also seeing a pre-sale of its RIA coin, which is the base currency of the non-fungible token (NFT) card-based fighting game Calvaria, a post-mortem-themed fantasy game. The play-to-earn (P2E) cryptocurrency gaming project has grossed around $3.0 million in just a few months since launching its coin presale, with only around 8% of the coins remaining for sale.
The Calvaria project seeks to elevate the crypto gaming world by tapping into a huge existing card game market, reminiscent of images of hit games such as Pokemon and Yu-Gi-Oh. According to an analysis conducted by the Markets and Markets platform, the crypto gaming sector is expected to grow to $65.7 billion by 2027 – after the size of this sector was $4.6 billion in 2022. Therefore, this sector has enormous growth potential. Project Calvaria is set to release its first fantasy card game, Duels of Eternity, in Q2 2023.
C+Charge-CCHG attends a pre-sale of its corner
The carbon credit industry is expected to reach a total value of $2.4 trillion by 2027, and equitable access to the benefits offered by this industry would attract a massive amount of investment in the years to come, and that is what the startup C+Charge aspires to. to. C+Charge is building a blockchain-based peer-to-peer (P2P) payment system for electric vehicle (EV) charging stations that will allow EV drivers to earn carbon credits.
The Fight Out project aims to promote the role of carbon credits as the main incentive for the purchase of electric vehicles (EVs). Major electric vehicle manufacturing companies - such as Tesla - have been known to make large profits by selling carbon credits to companies that pollute the environment. Therefore, the C Plus Charge project seeks to achieve justice in the carbon credit market by making these credits available to owners of electric vehicles, instead of being the monopoly of large corporations.
The project has just launched the presale of its CCHG coin, which EV owners will use on the C Plus Charge platform to pay for EV charging at charging stations. CCHG is now selling for $0.013, and that price is expected to increase by 80 % as the sale draws to a close.
Investors wishing to join a promising eco-friendly digital currency project early should hurry to buy this currency, as the project has raised around $320,000 in a few weeks since the presale was launched, and investors should be aware of the possibility that the rest of the currencies for sale will run out in the near future. A Crypto Whale recently purchased for over $99,000 from CCHG in one go, and the purchase can be verified by visiting BscScan.
Meta Masters Guild-MEMAG
The Meta Masters Guild project is a mobile game technology system based on Web3 technology. Stake prices and currencies to reap the benefits and trade them; these games are currently in development, as the team based on the project intends to launch the first game, Meta Karts, in the coming months.
Meta Masters Guild project – which is considered a promising crypto gaming project – is attending the presale of its MEMAG coin, and this offering raised a huge sum of $651,000 in just a few weeks, and the MEMAG coin is selling out now at a price of $0.007 per coin; Some observers believe that buying these currencies represents a profitable investment opportunity, and it is likely that the price of this currency will rise to $0.023 by the seventh stage of the presale, which allows early investors to realize unrealized profits of more than 300% with the end of the presale.