The top crypto asset Bitcoin is going through high demand growth. Keeping in view, CryptoQuant (a popular market and on-chain data analytics provider) has disclosed the potential outcomes of the respective growth in demand. As per the analytics provider, this increasing demand for [ccpw id=60415] may pave the way for significant spikes in the price.
CryptoQuant Believes BTC’s Demand Growth Will Majorly Elevate Prices After Halving Event
The crypto data platform took to its official account on X to offer its insights regarding the current market scenario. In this respect, CryptoQuant noted that the major results of demand growth will emerge after the impending Bitcoin halving. After the most-anticipated event, the biggest crypto will witness a considerable rise in its prices.
Keeping in view the past price cycles of Bitcoin, the analytics provider highlighted the position of whales. According to CryptoQuant, the demand growth mostly emerged from the big holders or whales. Following that, the respective demand growth resulted in a spike in the prices. While supporting the respective point of view, the company provided the latest statistics.
1-Year BTC Holdings Go Through a Huge Dip
CryptoQuant shared the images of the exclusive statistics disclosing the current status of the issuance and demand for Bitcoin. While BTC is seeing new highs in terms of its price, some long-term holders focus on selling their token holdings. Their purpose in doing this is to make a profit. On the other hand, a huge slump is frequently taking place in the 1-year holding of Bitcoin.
The market onlookers believe that the prominent coin has entered into a euphoric stage. In this respect, the trend of making a profit is climbing to new heights. CryptoQuant says that the demand growth of Bitcoin is currently standing at its highest spot of 11% month-over-month.
