Bitcoin Will Develop an Upward Trend: Glassnode

Glassnode has found that the corrections in Bitcoin and Ethereum have not been as severe as previous uptrends, indicating strong investor support and capital inflow.

This information was derived from the data provided by Glassnode.

The global uncertainty may have led investors to move away from traditional finance (TradFi) and towards cryptocurrencies, which have proven to be a more effective way to protect capital compared to gold since the beginning of the year. Bitcoin has seen a growth of 93% compared to gold’s 23%.

Experts have also noted the relative strength of Ethereum by analyzing the depth of its corrections.

They believe that the second largest cryptocurrency by market cap hit a cyclical low in June 2022 after the crash of 3AC, Celsius, and Terra.

Since then, the largest correction in ETH/USD was only -44% during the FTX collapse. Ethereum is currently trading -26% below its 2023 high, which is significantly less than the -60% or larger drops seen in previous cycles.