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- IntoTheBlock published a blog to determine if the current crypto landscape is a “bull market” or “bull trap.”
- Network fees have increased due to the increase in Bitcoin’s price since November.
- The blog suggests that while the bottom may be behind the users, there is still uncertainty due to the macro landscape.
The crypto market has experienced a sudden improvement, entering 2023. Bitcoin shot up by 27% nearly three weeks into January. This poses the question if it is real after all. According to crypto researcher Lucas Outumuro, whether crypto can still rally amid broader financial liquidity drops is still uncertain.
Blockchain intelligence platform IntoTheBlock published a blog to explore if the current market is actually bullish in nature or if it is a “bull trap.” The article by Lucas Outumuro begins by addressing the strong price action that the crypto market has observed in 2023 and proceeds to evaluate probable signs for a bottom based on blockchain metrics of prior bear markets.
The blog initially establishes that it is accounting for an actual possibility that it may be “different” this time as compared to the market’s history considering the macro outlook and the broader effects of global liquidity on risk assets.
According to the document, network fees rose as Bitcoin ...
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