A shift in new Bitcoin address momentum is sending a signal that the world’s largest cryptocurrency might be in the beginnings of a new bull market, data from crypto analytics firm Glassnode reveals. According to Glassnode, the 30-Day Simple Moving Average (SMA) of New Addresses has now been above the 200-Day SMA since the start of November, despite the collapse of cryptocurrency exchange FTX early that month.
Indeed, the data may suggest that new Bitcoin investors used the drop in Bitcoin’s price as a result of FTX’s implosion as a dip-buying opportunity. Moreover, the data might reflect a post-FTX shift in Bitcoin investor preference towards self-custody as opposed to leaving crypto assets on the exchange.
Either way, the 30-Day SMA of New Addresses moving above the 200-Day SMA is a bullish sign – in the past, the 30-Day SMA has typically been above the 200-Day SMA during Bitcoin bull markets.
According to Glassnode, “early bull markets are often characterized by an uptick in daily new users, more transaction throughput, and increased demand for blockspace”. “When the faster 30-day SMA 🔴 of New Addresses breaks above the 365-day SMA 🔵, it indicates a near-term expansion in on-chain activity,” the crypto analytics firm continues, adding that “sustained periods of this condition are typical of improving network fundamentals, and growing utilization”.
Where Next for BTC?
With inflationary pressures in the US, the world’s largest economy, likely to continue to drop rapidly as growth slides, investors are increasingly paring betting that the US Federal Reserve won’t be able to keep interest rates at elevated levels for long. In that sense, 2023 looks set to be a very different year to 2022 – a year dominated by a historic hawkish shift in the Fed’s policy.
With crypto prices currently coming from a much lower base and against a much more dovish macro backdrop, 2023 could be a much better year for Bitcoin. And New Addresses Momentum isn’t the only indicator screaming that a new bull market might be underway. Bitcoin is back above its 200-Day Moving Average and Realized Price – both are just under $20,000 and both are considered key psychological levels.
Meanwhile, after a prolonged period in the red, Glassnode’s Net Unrealized Profit/Loss (NUPL) has recovered back into positive territory, essentially meaning that the average wallet on the Bitcoin network is back in profit. Typically, a recovery of the NUPL indicator back into positive territory after a prolonged spell in red signifies that a new bull market has begun.
With Bitcoin just coming off its most overbought in the short-term according to the 14-Day Relative Strength Index since early 2021, a further correction to perhaps test the 200DMA and Realized Price just under $20,000 might be on the cards. But should macro tailwinds continue, as has been the trend thus far in 2023 and Bitcoin muster a sustained push above $21,500 resistance, the cryptocurrency could be looking at a near-term test of the next major resistance around $25,500.
Altcoins to Consider
Cryptocurrency markets have been performing well since the start of 2023, but the longer-term bear market remains very much still in play. Investors might still want to consider diversifying their holdings with the discounted presale tokens of some promising, up-and-coming crypto projects. Here is a list of a few that analysts at Cryptonews.com think have the potential to perform well.
Fight Out (FGHT) – Presale on Now
The young move-to-earn crypto niche has shown a lot of promise, but early success stories like STEPN have significant limitations that have, so far, prevented them from conquering the mainstream. Fight Out, which touts itself as the future of move-to-earn, wants to change that in 2023. Fight Out is a brand new web3 fitness application and gym chain that rewards its users for working out, completing challenges and competing within a first-of-its-kind fitness metaverse.
While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, Fight Out takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part. Fight Out seeks to combine the physical and web3 worlds.
The project aims to eventually acquire gyms across all of the world’s major cities, whilst simultaneously promoting an integrated web3 fitness experience. At the center of Fight Out’s digital ecosystem will be its smartphone application which, according to Fight Out’s whitepaper, is scheduled for launch in Q2 2023.
The Fight Out app will harness smartphone and wearable technology to measure and track physical performance. The app will have its own in-house tokenized economy, where users can earn rewards for completing M2E tasks, and can mint their own soul-bound token avatar, through which the user will be able to interact with the Fight Out metaverse.
FGHT is the token that powers the Fight Out metaverse ecosystem. Users will pay to enter competitions and leagues with FGHT, and winning will be paid out in FGHT.
FGHT can also be used in peer-to-peer fitness wagers. Fight Out’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised close to $3.05 million in just a few weeks. FGHT is the token that will power the Fight Out crypto ecosystem.
Calvaria (RIA) – Pre-sale Nearly Over
RIA, the token that will power afterlife fantasy-themed NFT battle card game Calvaria, is also currently in presale. The play-to-earn (P2E) crypto gaming start-up has raised close to $3.0 million in just a few months since the launch of its pre-sale. Only around 8% of its tokens remain up for grabs.
Calvaria seeks to bring crypto gaming into the mainstream by tapping into a huge, existing market – the market for physical battle card games (think viral sensations of the past like Pokemon and Yu-Gi-Oh). And with the crypto gaming space expected to grow from $4.6 billion in size in 2022 to $65.7 billion in size by 2027, according to an analysis by Markets and Markets, there is plenty of room for massive growth. Calvaria is set to launch its headline fantasy-themed card game “Duels of Eternity” in Q2 2023.
C+Charge (CCHG) – Presale Now On
The carbon credit industry is projected to be worth $2.4 trillion by 2027. Democratizing access to accrue these benefits is going to massive business in the years ahead and this is something crypto start-up C+Charge hopes to achieve. C+Charge is currently building a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations that will allow the drivers of electric vehicles (EVs) to earn carbon credits.
C+Charge aims to boost the role of carbon credits as a key incentive for the adoption of EVs. At present, large manufacturers of EVs like Tesla earn millions from selling carbon credits to polluters. C+Charge wants to democratize the carbon credit market by allowing more of these rewards to find themselves in the hands of the EV owners, rather than just the big businesses.
C+Charge has just started its pre-sale of the CCHG token that its platform will use to pay at EV charging stations. Tokens are currently selling for $0.013 each, though by the end of the presale, this will have risen by 80%. Investors interested in getting in early on a promising environmentally friendly cryptocurrency project should move fast, with the project having already raised over $320,000 in just a few weeks since the presale launch.
Investors should note that the remaining tokens could be scooped up quickly. A crypto whale recently scooped up over $99 worth of CCHG in one transaction, as can be verified here on BscScan.
Meta Masters Guild (MEMAG)
Meta Masters Guild is an up-and-coming web3 mobile gaming ecosystem that says its wants to create fun and addictive games that utilize non-fungible tokens (NFTs), allowing community members to earn rewards, as well as stake and trade. Game development is already underway, with the team set to launch their first title Meta Karts in the coming months.
The promising crypto gaming start-up is currently conducting a presale of its MEMAG tokens and has already raised a whopping $651,000 in just a few weeks. Tokens are currently selling for $0.007 each. According to some observers, this is a steal. Moreover, this price will have risen to $0.023 by the seventh stage of the presale, meaning early investors could be sat on paper gains of over 300% by the time the presale ends.