A Crypto Analyst Reckons Off Chain Bitcoin Activity is in Bull Market Right Now

Crypto Analyst Reckons

Modified Date:- 25 September, 2022 Published Date:- 7 September, 2022

Categories: Bitcoins Cryptocurrency

A Crypto AnalystReckons Off Chain Bitcoin Activity is in Bull Market Right Now

ZackVoell, aprominent crypto market researcher, has opined that while thepioneer cryptocurrency may be in a bear market in terms of price,there are signs to indicate that it is seeing bullish adoption with regard tooff-chain activity.

Voell, whois an analyst at the Bitcoin mining software company Braiins,said in an opinion piece that growth trends and supply data show that Bitcoinadoption is increasing across layer 2 protocols, Bitcoin-backed tokens,and more.

Highlighting"built-on-Bitcoin" layer 2 protocols, he notes that thegrowth of the Lightning Network, Liquid Network, and RSK, has been trendingupwards regardless of the price direction of Bitcoin in the pasttwo years.

Similarly,tokenized Bitcoins - Bitcoin-backed tokens used asrepresentations of Bitcoins on other blockchains -have been showing "extraordinary growth." An example ofthis is the Ethereum-based Wrapped Bitcoin (WBTC) launched by Bitgo.

The supplyof WBTC has been growing over the past two years irrespective of the downwardprice action of Bitcoin. Meanwhile, since its launch, severalother projects on Ethereum, Tron, Solana, and Avalancheblockchains have also launched other tokenized Bitcoin versions.

Bitcoinprice continues to take a hit as crypto winter rages on

Voell'scomments come on the back of choppy trading in the Bitcoin market. Bitcoinis currently trading at around USD 18,700, per data from CoinGecko,down 59.5% in the year-to-date (YTD) timeframe. According to Reuters, Bitcoin'srecent price action, which has seen the leading cryptocurrencyconsolidate in the range between USD 17,000 to USD 20,000 since July, couldspell some trouble for investors and exchanges. This is because the price trendindicates a massive drop in the volatility of Bitcoin, therebymaking it 'boring' to the investors who may soon seek out its rivals such as Ether.Meanwhile, Bloomberg reported recently that Bitcoin has alreadybeen recording alarming low on-chain activity and has been seeing massivewithdrawals from centralized exchanges as investors have been "goinginto hibernation" amid the lingering crypto winter.

Crypto market, Avalanche blockchains, Bitcoin, WBTC, BTC backed tokens, Ethereum, Cryptocurrency, BTC Mining, USD, YTD

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