Bitcoin Advanced NVT Shows No Signs Of Slowing Bullish Momentum – Details
On May 22, Bitcoin reached an all-time high of $111,970 but has since retraced to around $108,000 due to macroeconomic pressures. Analyst Burak Kesmeci predicts Bitcoin will surpass this high based on on-chain data. The Advanced Network Value to Transactions (NVT) metric, which compares Bitcoin's market cap to daily transaction volume, indicates bullish market strength as it recently crossed above the +2 standard deviation level. Historically, this has preceded major bull runs. Currently, Bitcoin is trading at $107,835, with gains of 4.02% over the past week and 15.37% over the past month. Daily trading volume has decreased by 31.58% to $45.94 billion. Network fees increased by 51.03%, reflecting higher transaction activity. Exchange inflows were $184 million, suggesting investor confidence as many chose not to sell despite the price peak. Bitcoin maintains a market cap of $2.13 trillion, ranking as the largest cryptocurrency and the fifth-largest asset globally.
