{"id":666132,"date":"2024-12-21T15:00:13","date_gmt":"2024-12-21T15:00:13","guid":{"rendered":"https:\/\/uniquehot.com\/?p=666132"},"modified":"2024-12-21T05:30:47","modified_gmt":"2024-12-21T05:30:47","slug":"bitcoin-demand-on-the-rise-again-whats-happening","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-demand-on-the-rise-again-whats-happening\/","title":{"rendered":"Bitcoin Demand On The Rise Again \u2014 What\u2019s Happening?"},"content":{"rendered":"<p class=\"p1\">This week was one of two distinct halves for the price of Bitcoin, with the premier cryptocurrency rising to a <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-mirroring-2023\/\" target=\"_blank\" rel=\"noopener \">new all-time high<\/a> and dropping by about 13% a few days later. On Friday, December 20, the BTC price dropped to as low as $92,000.<\/p>\n<p class=\"p1\">This abrupt Bitcoin price decline came following the US Federal Reserve\u2019s rate cut, which also pushed other financial markets to the red. However, it is worth mentioning that the premier cryptocurrency is beginning to show signs of recovery, currently hovering around $97,000.<\/p>\n<h2><strong>Can Growing Demand Push BTC Price Back Above $100,000?<\/strong><\/h2>\n<p class=\"p1\">In a recent December 20 report, market analytics platform CryptoQuant <a href=\"https:\/\/x.com\/cryptoquant_com\/status\/95909927\" target=\"_blank\" rel=\"noopener nofollow\">revealed<\/a> an interesting on-chain development with the Bitcoin supply-demand dynamics. According to the blockchain firm, the BTC market seems to be enjoying renewed investor interest.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/how-low-can-dogecoin-go-before-it-rebounds\/\" target=\"_blank\" rel=\"noopener \">How Low Can Dogecoin Go Before It Rebounds? Expert Forecasts<\/a><\/div>\n<p class=\"p1\">The relevant indicator here is the Total OTC Desk Balance, which tracks the amount of Bitcoin held in addresses associated with Over-The-Counter (OTC) desks. This metric provides an insight into the supply of BTC readily to large investors and institutional players.<\/p>\n<p class=\"p1\">According to data from CryptoQuant, the OTC desks are witnessing their largest monthly inventory decline of 2024, declining by over 26,000 BTC so far in December. This decline has been even more significant in the past 30 days, with the balance dropping by 40,000 BTC since November 20.<\/p>\n<figure style=\"width: 1022px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GfRlpS9XwAAtsIF?format=jpg&amp;name=medium\" alt=\"Bitcoin\" width=\"1022\" height=\"600\"><figcaption class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p class=\"p1\">This decline in the Total OTC Desk Balance is a bullish indicator, which reflects the soaring demand for Bitcoin and the concurrently shrinking supply. Typically, the contracting BTC supply on the open market could set the stage for a period of significant price appreciation.<\/p>\n<p class=\"p1\"><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-funding-rates-surge-20-on-major-exchanges-whats-happening\/\" target=\"_blank\" rel=\"noopener \">CryptoQuant<\/a> noted that the price of Bitcoin rallied from $40,000 to around $74,000 in the 2024 first quarter after demand growth caused the Over-The-Counter desks\u2019 inventories to fall. According to the market intelligence, the OTC desk\u2019s inventory is beginning to near the levels seen during the first-quarter rally.<\/p>\n<p class=\"p1\">Data from CryptoQuant shows that Bitcoin\u2019s apparent demand is currently growing at a monthly rate of 228,000 BTC after entering the expansion territory in late September. At the same time, the balance of accumulation addresses is swelling at a record-high rate of 495,000 BTC per month.<\/p>\n<h2 class=\"p1\"><strong>Bitcoin Price At A Glance<\/strong><\/h2>\n<p class=\"p1\">As of this writing, the price of Bitcoin stands at around $97,655, reflecting a 0.1% decline in the past 24 hours. The premier cryptocurrency is down by nearly 4% on the weekly timeframe, according to data from CoinGecko.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/dogecoin\/dogecoin-price-golden-cross\/\" target=\"_blank\" rel=\"noopener \">Dogecoin Price And Its Weekly Golden Cross: Why The Crash To $0.31 Remains Natural<\/a><\/div>\n<div>\n<figure style=\"width: 2174px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/tWVwC1JO\/\" alt=\"Bitcoin\" width=\"2174\" height=\"1432\"><figcaption class=\"wp-caption-text\">The price of BTC on the daily timeframe | Source: BTCUSDT chart on <a href=\"https:\/\/www.tradingview.com\/x\/tWVwC1JO\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<\/div>\n<div><em>Featured image created by DALL-E, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>This week was one of two distinct halves for the price of Bitcoin, with the premier cryptocurrency rising to a new all-time high and dropping by about 13% a few days later. On Friday, December 20, the BTC price dropped to as low as $92,000. This abrupt Bitcoin price decline came following the US Federal Reserve\u2019s rate cut, which also pushed other financial markets to the red. However, it is worth mentioning that the premier cryptocurrency is beginning to show signs of recovery, currently hovering around $97,000. Can Growing Demand Push BTC Price Back Above $100,000? In a recent December 20 report, market analytics platform CryptoQuant revealed an interesting on-chain development with the Bitcoin supply-demand dynamics. According to the blockchain firm, the BTC market seems to be enjoying renewed investor interest. Related Reading: How Low Can Dogecoin Go Before It Rebounds? Expert Forecasts The relevant indicator here is the Total OTC Desk Balance, which tracks the amount of Bitcoin held in addresses associated with Over-The-Counter (OTC) desks. This metric provides an insight into the supply of BTC readily to large investors and institutional players. According to data from CryptoQuant, the OTC desks are witnessing their largest monthly inventory decline of 2024, declining by over 26,000 BTC so far in December. This decline has been even more significant in the past 30 days, with the balance dropping by 40,000 BTC since November 20. This decline in the Total OTC Desk Balance is a bullish indicator, which reflects the soaring demand for Bitcoin and the concurrently shrinking supply. Typically, the contracting BTC supply on the open market could set the stage for a period of significant price appreciation. CryptoQuant noted that the price of Bitcoin rallied from $40,000 to around $74,000 in the 2024 first quarter after demand growth caused the Over-The-Counter desks\u2019 inventories to fall. According to the market intelligence, the OTC desk\u2019s inventory is beginning to near the levels seen during the first-quarter rally. Data from CryptoQuant shows that Bitcoin\u2019s apparent demand is currently growing at a monthly rate of 228,000 BTC after entering the expansion territory in late September. At the same time, the balance of accumulation addresses is swelling at a record-high rate of 495,000 BTC per month. Bitcoin Price At A Glance As of this writing, the price of Bitcoin stands at around $97,655, reflecting a 0.1% decline in the past 24 hours. The premier cryptocurrency is down by nearly 4% on the weekly timeframe, according to data from CoinGecko. Related Reading: Dogecoin Price And Its Weekly Golden Cross: Why The Crash To $0.31 Remains Natural Featured image created by DALL-E, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":648809,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,5605,679,78790,93746],"class_list":["post-666132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-demand","tag-bitcoin-price","tag-btcusdt","tag-cryptoqunat"],"acf":[],"yoast_head":"\n<title>Bitcoin Demand On The Rise Again \u2014 What\u2019s Happening?<\/title>\n<meta name=\"description\" content=\"This week was one of two distinct halves for the price of Bitcoin, with the premier cryptocurrency rising to a new all-time high and dropping by about 13%\" \/>\n<meta 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/uniquehot.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Demand On The Rise Again \u2014 What\u2019s Happening?","url":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-demand-on-the-rise-again-whats-happening\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-demand-on-the-rise-again-whats-happening\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/2024-10-19-03.20.38.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/2024-10-19-03.20.38.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin demand","bitcoin price","btcusdt","cryptoqunat"],"dateCreated":"2024-12-21T15:00:13Z","datePublished":"2024-12-21T15:00:13Z","dateModified":"2024-12-21T15:00:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Demand On The Rise Again \\u2014 What\\u2019s Happening?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-demand-on-the-rise-again-whats-happening\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin\\\/bitcoin-demand-on-the-rise-again-whats-happening\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/2024-10-19-03.20.38.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/2024-10-19-03.20.38.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin demand\",\"bitcoin price\",\"btcusdt\",\"cryptoqunat\"],\"dateCreated\":\"2024-12-21T15:00:13Z\",\"datePublished\":\"2024-12-21T15:00:13Z\",\"dateModified\":\"2024-12-21T15:00:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/2024-10-19-03.20.38.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/666132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=666132"}],"version-history":[{"count":4,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/666132\/revisions"}],"predecessor-version":[{"id":666158,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/666132\/revisions\/666158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/648809"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=666132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=666132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=666132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}