It’s been just revealed that Bitcoin and Ethereum are showing potential accumulation signs. Check out the latest reports about the prices of digital assets below.
Bitcoin and Ethereum optimistic signs
Accoridng to the latest reports, there is one indicator suggests that market participants are loading up on Bitcoin (BTC) and Ethereum (ETH) for the long haul. This is according to the crypto analytics firm IntoTheBlock.
Lucas Outumuro, the firm’s head of research, made sure to explain in a new analysis that the top two crypto assets continue to witness exchange outflows, though this week’s levels were at a reduced pace compared to previous weeks.
Exchange withdrawals potentially point to accumulation -this is happening by investors storing their crypto outside of centralized exchanges, according to Outumuro.
The researcher also made sure to highlight the fact that Bitcoin’s network fees, which track the willingness to spend as well as the demand to use the crypto asset, rebounded by 55% this week from the yearly low printed last week.
More than that, he also said that Ethereum’s fees also remained “relatively high for bear market standards.”
At the moment of writing this article, BTC is trading in the green and ETH as well.
Bitcoin rally is around the corner
A popular crypto strategist says the king crypto is grossly undervalued. At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $19,228.
In a new interview on the Real Vision Crypto channel, Benjamin Cowen says that crypto assets are massively undervalued based on the logarithmic regression model.
“This chart is something I’ve shown a few times in the past. The blue line is the total cryptocurrency market capitalization. The red line is what’s called the fair value logarithmic regression trendline.”
He continued and said this:
“The whole idea is that the fair value of the asset class [crypto] increases monotonically with time and we sort of oscillate around that fair value.”