Demand for Top Crypto Is Increasing

Endy Callahan

Professionals admit that they have recently witnessed that the overall demand for the top-ranked crypto has been steadily increasing. Its popularity has also increased and many researchers claim that there are three major bullish signs that explain this phenomenon. It’s an established fact that unique entities can finally hit their highest weekly average throughout the previous two years.

Cryptocurrency is experiencing a surge in interest and this applies to Bitcoin mostly. People are interested in purchasing this digital asset this summer – many participants have analyzed and studied the past two years and drew parallels.

What recent data suggests is that digital assets have more beneficial features than any other entities offered by traditional markets. Besides the BTC network, there are a few other unique entities that are ready to join. Professionals say that all users should pay attention to the bull run to all-time highs that occurred in the market three years ago.

On-chain monitoring sources providedata where we see that the average weekly new entity count has managed to approach one hundred and forty thousand and this is the highest within the past two years. According to statistics, new entities refer to certain wallet addresses.

Sources define them as a group of addresses controlled by the same network entity. Participants believe that the overall rise in activity appears when price action becomes bullish above ten thousand USD.

It’s essential to mention Square – this payment company has hit approximately one billion in crypto revenues between January and April. Commentators admit that this is proof of a bull market. In itsshareholder letter that the sources revealed this week Square demonstrated quarterly crypto revenues of eight hundred and seventy-five million USD for its Cash App.

The latter, as we know, boasts thirty million active monthly users. Professionals emphasize that the data beats the first quarter, which totaled three hundred and six million USD by around two hundred percent. Compared to the same period two years ago, when the company first started to support crypto, the figure is six hundred percent higher.

Researchers Analyze the Latest Sources

Gross profits have proved to transform, with seventeen million USD in the second quarter this year seven hundred and eleven percent higher than in 2018. Crypto revenue and gross profit seemed to benefit from a spike in BTC activities as well as customer demand.

Kevin Rooke along with many other prominent analysts mentioned that they think these results look incredible, especially now after a few months of economic instability and post-pandemic crisis. All specialists understand that COVID-19 led to a dramatic squeeze in incomes for many individuals all around the globe.

The company was known since it entered the BTC space and together with Grayscale they purchased the lion’s share of new crypto. In spring, the firm started considering long-term crypto investment and developed strategies – executives released dollar-cost averaging functionality for customers.

News agencies report that an uptick in interest which resembles us that the market faced in spring, right before the halving. Nevertheless, compared to the same period of the previous year, interest is about forty percent lower. At the same time, price levels are nearly similar.