![\"\"](\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-480964105-1024x590.png\")
<\/figure><\/div>\n\n\n- \n
- First halving – Bitcoin skyrocketed from around $12 to over $1,000 <\/strong>within a year.<\/li>\n\n\n\n
- Second halving – Bitcoin’s price surged from approximately $650 to a peak of nearly $20,000<\/strong> in the subsequent year. <\/li>\n\n\n\n
- Third halving – The recent halving in May 2020 propelled Bitcoin to an all-time high of over $64,000<\/strong> in April 2021.<\/li>\n<\/ul>\n\n\n\n
These instances demonstrate the potential for significant price appreciation in the aftermath of halvings. <\/p>\n\n\n\n
So if you have been thinking about investing in Bitcoin, this is the time. Mudrex\u2019s zero fee spree is on and Bitcoin halving is just around the corner.<\/p>\n\n\n\n
#Day 5 – Bitcoin (BTC) Coin Of The Day Report<\/strong><\/h2>\n\n\n\n![\"\"](\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/21396866-1-933x1024.png\")
<\/figure><\/div>\n\n\n
Bitcoin Score<\/strong><\/h2>\n\n\n\n![\"\"](\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/Bar-4-1024x288.png\")
<\/figure><\/div>\n\n\nAll other cryptocurrencies originated from Bitcoin, so it will always have a special place in the cryptizens\u2019 heart and portfolios. It currently dominates around 50% of the total crypto market cap and drives the direction of the overall crypto market.<\/p>\n\n\n\n
How Did We Arrive at This Score?<\/strong><\/h2>\n\n\n\nLike all other cryptocurrencies, we evaluate BTC also on 4 important parameters.<\/p>\n\n\n\n
1. Price<\/strong> Performance \u2705<\/strong><\/h3>\n\n\n\n
Despite the volatility, <\/strong>Bitcoin\u2019s value has been on an uptrend since its launch in 2009. It did have some dry periods, but people that held onto it through those periods reaped good returns.<\/p>\n\n\n
\n![\"\"](\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-480964094-1024x1010.png\")
<\/figure><\/div>\n\n\n2. Fundamental Analysis \u2705
<\/strong><\/h3>\n\n\n\nWhen it comes to price performance, Bitcoin ticks all the boxes but does its on-chain data show the same strength? Let\u2019s find out.<\/p>\n\n\n\n
2.1. Active Addresses Count <\/strong><\/h3>\n\n\n\n
This indicates the overall activity on the network. A growing active address count signals a growing network and impacts the price of the network token positively.
Monthly active addresses<\/strong> on Bitcoin went from ~ 12M to around 18M<\/strong> between May 2018 to April 2023 at an annual growth rate of ~9%.<\/p>\n\n\n\n2.2. NVT and MVRV Ratio <\/strong><\/h3>\n\n\n\n
NVT Ratio: <\/strong>The NVT ratio compares a cryptocurrency’s market cap to its transaction volume. A high ratio suggests a potential bubble since the market cap is outpacing the transaction volume. A low ratio indicates an undervalued token.<\/p>\n\n\n\n
MVRV Ratio:<\/strong> This helps determine if a cryptocurrency is overvalued or undervalued by comparing the market cap of a crypto to its realized cap. Realized capitalization is the total value of all cryptocurrency coins that have been moved in the past.<\/p>\n\n\n
\n![\"\"](\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-480964092-1024x392.png\")
<\/figure><\/div>\n\n\nP.S. The NVT ratio for each cryptocurrency varies. Also, one shouldn\u2019t look at these ratios in isolation and must always combine them with other indicators. <\/em><\/p>\n\n\n\n
2.3. Blockchain Network Profitability <\/strong>
<\/strong><\/h3>\n\n\n\nBlockchain network profitability is calculated by deducting the net incentives provided to network participants, from the revenue generated by the platform. 100% of the fees charged by the Bitcoin network goes to the miners. In May 2023 alone, the Bitcoin network generated over $125M in fees<\/strong> exhibiting a 672% year-over-year growth.<\/strong><\/p>\n\n\n\n
3. Community<\/strong> Sentiment <\/strong><\/h3>\n\n\n\n
<\/strong>The below pie chart measures the sentiment for Bitcoin across Telegram and Twitter. Over the last 7 days, Bitcoin was mentioned ~1.08M times across Telegram and Twitter, of which ~316k mentions were positive, ~50.6k were negative, and about 721k were neutral.<\/p>\n\n\n\n![\"\"](\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/21396867-1-1024x629.png\")
<\/figure><\/div>\n\n\n4. Technical Analysis \u2705<\/strong><\/h3>\n\n\n\n
Oscillators:<\/strong> They suggest a buy signal when an asset is oversold, indicating that the security may be underpriced and vice versa.<\/p>\n\n\n\n
Moving Averages: <\/strong>When a moving average crosses above another moving average, it indicates that the trend is bullish and vice versa.
<\/strong><\/p>\n\n\n\n![\"\"](\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/Frame-480964096-1024x357.png\")
<\/figure>\n\n\n\n
\ud83d\udca1Although technical analysis suggests that BTC may experience a short-term sell pressure, its strong fundamentals make it a valuable long-term investment.<\/p>\n\n\n\n
Key Highlights for Jan-March<\/strong>
<\/h2>\n\n\n\n- \n
- Q1 of 2023 had Bitcoin as the best-performing asset with over 70% gains, outperforming the average ROI of five major U.S stock indexes by ~170%.<\/li>\n<\/ol>\n\n\n\n
- \n
- Bitcoin\u2019s hashrate swelled 35% in Q1 2023, marking a significant increase in computational power on the network, and in turn network security.<\/li>\n<\/ol>\n\n\n\n
- \n
- The surge in BTC price in the first quarter saw Bitcoin addresses with non-zero balance surpass 44 million, while addresses holding 1 BTC or more approached 1M.<\/li>\n<\/ol>\n\n\n\n
Disclaimer: None of the information in the email is intended to be financial advice. Please do your own research before making any investments.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The next Bitcoin halving is due in 286 days, and if previous halvings have taught us anything, it\u2019s this- Historically, Bitcoin halvings have triggered significant price rallies. It reduces the block rewards, leading to a decrease in new supply entering the market. These instances demonstrate the potential for significant price appreciation in the aftermath of […]<\/p>\n","protected":false},"author":3,"featured_media":67621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1082],"tags":[],"_links":{"self":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67608"}],"collection":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/comments?post=67608"}],"version-history":[{"count":2,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67608\/revisions"}],"predecessor-version":[{"id":67622,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67608\/revisions\/67622"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media\/67621"}],"wp:attachment":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media?parent=67608"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/categories?post=67608"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/tags?post=67608"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- The surge in BTC price in the first quarter saw Bitcoin addresses with non-zero balance surpass 44 million, while addresses holding 1 BTC or more approached 1M.<\/li>\n<\/ol>\n\n\n\n
- Bitcoin\u2019s hashrate swelled 35% in Q1 2023, marking a significant increase in computational power on the network, and in turn network security.<\/li>\n<\/ol>\n\n\n\n
- Second halving – Bitcoin’s price surged from approximately $650 to a peak of nearly $20,000<\/strong> in the subsequent year. <\/li>\n\n\n\n