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Bitcoin Retail Demand Rises 13% In 1 Month: Time For Q4 2024 Rally?
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Bitcoin Retail Demand Rises 13% In 1 Month: Time For Q4 2024 Rally?

Ash Tiwari
Ash Tiwari
7 months ago
3 mins read
bitcoin

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After four months of declining transaction volumes from retail investors, Bitcoin (BTC) retail on-chain activity shows signs of resurgence.

Will Bitcoin Benefit From Rising Retail Participation?

According to a recent analysis by on-chain analytics platform CryptoQuant, BTC transactions worth less than $10,000 are rising, reflecting a shift in the market’s sentiment from risk-averse to risk-on.

bitcoin retail
Source: CryptoQuant

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Tracking transactions under $10,000 helps gauge retail activity. Unlike institutional transactions driven by fundamentals and long-term outlooks, market sentiment and news often influence retail activity.

Per the analysis, Bitcoin’s retail demand struggled to rebound after the cryptocurrency’s all-time high (ATH) in March 2024. However, retail demand has surged 13% in the past 30 days with room for further growth.

During this same period, BTC gained approximately 7%, rising from $63,142 on September 22 to $67,346 by October 22. Both rising retail on-chain activity and price suggest a potential upside for BTC in Q4 2024.

The swift recovery of BTC and other cryptocurrencies following Iran’s offensive against Israel earlier this month also signals a return to risk-on behavior in the digital asset market.

It is worth noting that although retail on-chain activity diminished over the last four months, institutional investors continued to maintain “a high amount of transactions and absorption of coins.” The analysis reads in part:

This recent rise in bitcoin is causing small investors to return to trading, signaling the beginning of a pattern of lower risk aversion.

Is A Q4 2024 Rally On The Horizon?

The return of Bitcoin retail on-chain activity is an encouraging sign that suggests renewed interest among retail investors toward the leading digital asset. However, with the looming US presidential elections, there could be more volatility ahead for BTC price.

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According to several crypto analysts and trading firms, the likelihood of a crypto Q4 2024 rally hinges on the results of the US presidential elections. 

Bitwise CIO Matt Hougan recently remarked that “anything other than a Democratic sweep” would benefit BTC propel to $80,000 in Q4 2024. 

Bitcoin dominance, a metric that measures BTC’s share of the overall crypto market, recently hit 58.9%, a new cycle-high. While this is promising for BTC’s future price, a further surge in dominance could harm altcoins’ performance. As a result, Q4 2024 may bring a new ATH for BTC but muted returns for altcoins.

It is also worth considering that the renewed retail demand for digital assets might be geography-specific, and not uniform worldwide.

For instance, in South Korea, BTC is trading at slightly lower prices than global prices due to a negative ‘kimchi premium,’ hinting low domestic investor sentiment toward digital assets. BTC trades at $67,346 at press time, down 1.4% in the past 24 hours.

bitcoin
BTC trades at $67,346 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, charts from CryptoQuant and Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

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Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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