- Austin Arnold has spotted fundamental growth in the Bitcoin market.
- Bitcoin addresses surpassed 50 million for the first time in history.
- According to Arnold, the growth in Bitcoin fundamentals is causing the altcoins to wake up.
Austin Arnold, an Altcoin Daily YouTube channel presenter, has spotted fundamental growth in the Bitcoin market. Amid a recent rally that saw the flagship crypto climb above $40,000 for the first time since April 2022, the presenter noted that the total Bitcoin addresses surpassed 50 million for the first time, coinciding with the liquidation of about $600 million worth of short positions.
In the recently uploaded video, Arnold explained that the growth in Bitcoin fundamentals is causing the altcoins to wake up. He used the Altcoin Season Index (Historical Values) to emphasize that the crypto market is currently between a Bitcoin and altcoin season. From the index’s calibration, he noted that anything under roughly 25 is Bitcoin season, while any value above 75 signifies an altcoin season.
According to the Altcoin Daily host, as of the time of recording the video, the crypto market was neither in a Bitcoin or altcoin season. How…
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