The CEO of analytics firm CryptoQuant says that Bitcoin has officially entered into a state of euphoria as BTC continues to hold above the $90,000 mark.
CryptoQuant chief executive Ki Young Ju says that BTC is entering a “euphoric phase” that began shortly after the US Presidential election.
“Bitcoin euphoria is here.
99.3% of UTXOs (unspent output in transactions) are in profit now. Everyone’s happy. This euphoric phase typically lasts 3–12 months (except Nov ’21 bull trap).
This started 2 weeks ago. Shorting now could be either catching the top—or shorting at the bottom of a parabolic bull run.”
BTC is worth $92,590 at time of writing, up over 32% in the last two weeks.
Looking at leading smart contract platform Ethereum, the CryptoQuant CEO says that ETH and BTC’s movements are becoming less entangled.
“ETH is becoming less correlated with BTC.
The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in Bitcoin could result in only a 3% gain for Ethereum.
Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”
ETH is trading for $3,123 at time of writing, up nearly 28% in the last two weeks.
Just yesterday, Young Ju said that signs of retail participation in the Bitcoin bull market were getting stronger.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here