Bitcoin's value has increased by 91% since its November 2022 price lows, and on-chain metrics suggest that the market is trending towards a period of re-accumulation. Glassnode's report found that the peak drawdown in 2023 has been shallow compared to previous cycles, indicating a strong degree of demand for the asset.
The report also noted the impact of inscriptions on on-chain activity within the Bitcoin network, with active address momentum increasing again in recent months. As long as sentiment remains positive, BTC's price is expected to continue growing.
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