10 charts reveal the current state of the crypto market: BTC market share exceeds 52%, stablecoin supply increased by 14% in the first quarter
The altcoin season typically triggered by halving tends to diminish Bitcoin's dominance, making it more favorable for new altcoins. This has not happened yet, so there is still significant room for growth.Original Title: The Current State of Crypto in 10 Graphs
Author: THE ALTCOIN INVESTOR
Compiled by: Deep Tide TechFlow
Today, I would like to share 10 charts that help everyone navigate the current cryptocurrency market.
Ten Charts on the Current State of Cryptocurrency
Glassnode and Coinbase have released the "Cryptocurrency Market Guide," a quarterly series aimed at providing detailed analysis of major developments in the cryptocurrency market.
Here are 10 charts from the report that caught our attention:
1. Bitcoin Dominance Rises from 50% to 52%
Typically, altcoin seasons triggered by halving events reduce Bitcoin's dominance, making it more inclined towards new altcoins. This has not yet happened, so there is still significant room for growth.
2. Cryptocurrency Correlation
Historically, cryptocurrencies have had very low correlation with traditional asset classes, indicating that they can provide meaningful unique risk sources in many different portfolios.
3. Stablecoin Supply Increased by Over 14% in Q1
An important metric to consider when evaluating stablecoins is the amount and nature of the reserve assets they hold. As market participants continue to increase their use of stablecoins, the supply of stablecoins rose by over 14% in the first quarter.
4. Bitcoin Price Performance After Halving
This chart measures the total returns of Bitcoin during each halving cycle. In the 12 months following the first three halvings, the price:
Increased by over 1000% after the first halving (red line)
Increased by over 200% after the second halving (blue line)
Increased by over 600% after the third halving (green line)
5. Bitcoin Available Supply
The difference between the current circulating supply of tokens and the illiquid supply (lost wallets, long-term holdings, locked) determines the amount of available Bitcoin supply.
After peaking in early 2020, Bitcoin's available supply has decreased to about 4.6 million Bitcoins, marking a significant shift before the fourth halving, contrasting with the steady increase in available supply observed during the previous three halving periods.
6. Bull Market Cycle Performance
Historically, Bitcoin has shown exponential growth during bull markets, with prices surging multiple times from lows. The current bull market cycle began in November 2022, with prices reaching four times the low. As shown in the chart, the previous two bull markets (2015 to 2017 and 2018 to 2021) saw price increases of 100 times and 20 times, respectively.
7. Bitcoin Price Performance Since the Low
Bitcoin has completed four cycles, each including bull and bear markets. This chart compares the current market cycle, which began in 2022, with previous cycles. In the current cycle, Bitcoin has risen over 400% in the 17 months since the low. The current cycle is most similar to the 2018 to 2022 cycle, where Bitcoin rose 1000% in the 24 months following the low.
8. Ethereum Price Performance Since the Low
Ethereum has completed two cycles that include bull and bear markets. This chart compares the current market cycle, which began in 2022, with previous cycles. In the current cycle, Ethereum has risen over 200% in the 17 months since the low. The current cycle is most similar to the 2018 to 2022 cycle, where Ethereum rose 400% in the 24 months following the low.
9. Ethereum Supply Profitability Status
Observing supply profitability can help reveal the price position of cryptocurrencies in the current market cycle, as previous cryptocurrency market cycles have been characterized by three phases:
Price Bottom: In the final stage of a bear market, prolonged price declines lead to an increase in the share of unprofitable supply (percentage of profitable supply < 55%).
Excitement: During a bull market, when a parabolic price increase trend occurs, the share of profitable supply dominates (percentage of profitable supply > 95%).
Bull/Bear Transition: A transitional period between bottom exploration and euphoria, where supply profitability is closer to balance (percentage of profitable supply between 55% and 95%).
10. Ethereum Weekly Active Addresses Increased by 26%
With the price increase and the successful Dencun upgrade of Ethereum, active addresses grew by 26% in the first quarter.
