Bitcoin, the industry's pioneer asset, has also shown significant upside action.
Mainstream financial players also continue entering the digital asset industry via Bitcoin, with intelligence giant MicroStrategy as one of the latest entrants.
Recent data shows only 15,912 Bitcoin addresses holding 100 or more BTC - the lowest number in five years.
Such network data implies large Bitcoin participants may be selling instead of accumulating.
Over the last two weeks, the market has expressed a significant bullish tone, topping at 1.2 standard deviations during Bitcoin's most recent run toward $12,000.
In contrast, Bitcoin's Market Value to Realized Value, or MVRV, ratio looks troublesome, posting a 30-day value of 1.15 on August 2.
This essentially means short-term Bitcoin investors boasted an average 15% profit across the board.
On a separate front, Ethereum holds hot on Bitcoin's tail in terms of transaction volume.
Bitcoin now touts 3.4x the transaction volume seen on Ethereum's blockchain, a dwindling lead, according to numbers from the beginning of August.
Cointelegraph's Market Insights Newsletter strives to share our knowledge on the fundamentals that move the digital asset market.
Cointelegraph Launches Newsletter for Professional Investors
Published on Aug 12, 2020
by Cointele | Published on Coinage
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