With Joe Biden poised to be the next president of the United States, Cointelegraph Consulting reflects on how traditional assets have responded to the election of a democratic candidate.
In the short term, Bitcoin has already strongly benefited, increasing by 10% since election day so far.
The latest findings by Santiment, published in Cointelegraph Consulting's biweekly newsletter, indicate that long-term Bitcoin holders' average profits are sitting at a 14-month high, increasing the likelihood that they may exit the positions and take profit.
Market Value to Realised Value, or the MVRV ratio, is an indicator that tracks the? average profit or loss? of a certain group of holders in an effort to understand whether they are in a position to sell at a profit.
Shortly after breaking $15,000 on Nov. 5, Bitcoin's 30-day MVRV ratio - or the average ROI of all addresses that have acquired BTC in the past 30 days - shot up by 18.8%, indicating that short-term BTC holders were averaging close to 20% profit on their initial investment.
Other on-chain metrics show that Bitcoin whales have been accumulating BTC in the run-up to the latest push past $15,000.
The collective balance of addresses holding 10 to 100 BTC hit a 6-month bottom on Sept. 20 before starting to bounce back, and has grown by 37,800 BTC since, implying renewed confidence in the asset.
Cointelegraph's Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market.
With market intelligence from one of the industry's leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics and derivatives.
All past editions of Market Insights are also available on Cointelegraph.com.
Cointelegraph Consulting: How the US election may impact Bitcoin price
Publicado en Nov 13, 2020
by Cointele | Publicado en Coinage
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