On May 16, CryptoQuant, a cryptocurrency analysis firm, said in a report that while bitcoin demand rebounded from the low point of the re-accumulation range, it was again in "acceleration mode" after a two-month downward trend.
It said demand growth appeared to be stabilising after decelerating since March, with total balance growth among permanent holders and large investors again appearing to be in accelerated mode.
However, CryptoQuant added that demand for bitcoin needs to accelerate further for this price increase to continue. Additionally, bitcoin balances over the counter platform are low, indicating strong demand that exceeds existing supply.
CryptoQuant: Bitcoin demand is now in accelerating mode again after a two-month downward trend
2024-05-16 06:26:27
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