Both leading cryptocurrencies have seen an increase in bullish sentiment due to on-chain activity and macro-environments. Apart from Square and Stone Ridge Asset Management, we continue to see new players experiment with digital assets as an alternative investment that will move against inflation.TechnicalsBitcoin has been trading around $11,535, gaining 1.5% over the previous 24 hours. The day\u2019s range was $11,249-$11,543, making Thursday the 3rd day of consolidation. The bullish indicators are its 10- and 50-day moving averages as bitcoin\u2019s price stayed above them.Bitcoin trading on Bitstamp since Oct. 13 Source: TradingViewBitcoin is struggling to get past the $11.5k resistance after its pull back from $11.7k. If bitcoin wants to stay on the right side of things, it must turn its resistance into its new support.Some analysts say that bitcoin has the support needed to climb all the way to $15k if historic trends repeat themselves this year. MVRV is a metric devised by analysts Murad Mahmudov and David Puell. It uses the market cap versus realized cap and designed to provide a more accurate valuation of bitcoin than traditional market cap. The current MVRV ratio is at 1.8, and it\u2019s supported by the trendline where bitcoin bottomed back in late 2018. With a continued steady growth, we\u2019ll be seeing a similar trajectory as we did back in the 2017 bull run. We hope to break 2, and then retest 2.5, which would put bitcoin above $15k.Bitcoin MVRV ratio highlighting uptrend. Source: Stack Funds\/ CoinMetricsAs for Ethereum\u2019s activity, the number of unique daily addresses has rebounded from its low levels near the end of the summer. The latest surge has taken Ethereum to a 3-week high of 420k addresses per day, marking a 25.2% growth.Another key metric is the 365-day dormant circulation. This tracks the renewed movement of all tokens that\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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