GB Market Commentary 18/03/2022
by Marcus Sotiriou
Bitcoin is consolidating under $41,000, as the percentage of long-term holders in the market continues to increase. On-chain data from Glassnode shows us this, as the illiquid supply shock ratio is rising dramatically. This ratio shows us the proportion of supply that is being absorbed by entities with a low statistical history of spending their BTC. This ratio has been in a constant uptrend since May 2021 and has risen almost vertically over the past couple of weeks. This adds confluence to the idea of long-term holders accumulating Bitcoin at these prices, hence suggesting a bullish market structure for the medium-long term.
Whilst Bitcoin has recently climbed to surpass the $40,000 level, NFT volumes have increased by 17% since last week. Out of the biggest blockchains for NFT volume, Avalanche experienced the most growth as sales on this blockchain rose by over 40%.
Bored Ape Yacht Club (BAYC) sales increased by the greatest amount as volumes rose by over 300%! This coincides with BAYC launching their APE token, The token was launched by the decentralised autonomous dao called ApeDAO who is managed by council members. Apecoin’s twitter account said on Wednesday, “Apecoin is owned and operated by the Apecoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund.” Despite the token being new, Apecoin is already listed on major exchanges like Binance, Uniswap, FTX, Coinbase Exchange, OkEx, Bitfinex, Huobi, and Kucoin. Apecoin has risen from $6 yesterday evening to $14 this morning, as significant hype surrounds the token.