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Shiba Inu
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$0.0000195 5.70422
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Pepe
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$0.0000124 19.85715
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BNB
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Solana
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XRP
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Shiba Inu
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Bonk
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Bitcoin
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Ethereum
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$3,465.64 1.95781
Ethereum price
BNB
BNB (BNB)
$577.17 -0.15213
BNB price
Solana
Solana (SOL)
$162.11 3.90666
Solana price
XRP
XRP (XRP)
$0.5780470 8.16556
XRP price
Shiba Inu
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$0.0000195 5.70422
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Pepe
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$0.0000124 19.85715
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Bonk
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Bitcoin’s current landscape echoes mid-2020, CryptoQuant CEO says

bitcoins-current-landscape-echoes-mid-2020-cryptoquant-ceo-says
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Bitcoin’s current landscape echoes mid-2020, CryptoQuant CEO says

The head of blockchain analytics firm CryptoQuant Ki Young Ju says the current volatility and on-chain activity resembles the timeframe when Bitcoin was trading at $10,000.

According to Ki Young Ju, the current landscape of Bitcoin‘s price development resembles that of the mid-2020 timeframe, during which the largest cryptocurrency by market value remained around the $10,000 mark for several consecutive months before surging beyond the $60,000 mark.

In an X post on May 31, the CryptoQuant CEO noted that despite the relatively low price volatility, on-chain activity remains robust, with approximately $1 billion in crypto being accumulated among whale wallets on a daily basis, likely for custody purposes.

“Same vibe on Bitcoin as mid-2020. Back then, BTC hovered around $10,000 for six months with high on-chain activity, later revealed as OTC deals.”

Ki Young Ju

As of press time, Bitcoin is trading at around $68,000, according to data from CoinGecko. The cryptocurrency has maintained a range between $65,000 and $70,000 for several weeks now, suggesting that if it follows a similar pattern to that seen in mid-2020, significant volatility may not occur until late 2024 or early 2025.

In late March, American asset manager Grayscale pointed out several on-chain and off-chain metrics indicating that Bitcoin was in the “middle of the bull run,” drawing comparisons to the 2021-2022 bull run, during which Bitcoin’s gains were followed by a notable increase in altcoin valuations.

Bitcoin still has the potential to surprise its holders. While this is the first time Bitcoin has set a new all-time high before halving, historical data suggests that the cryptocurrency typically experiences significant returns only after 300-500 days following halving events. With the latest halving occurring on Apr. 19, Bitcoin still has at least 260 days before significant price movements may become apparent.