Navigating Digital Assets: Monthly Breakdown of Crucial Crypto Market Metrics
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Fidelity Digital Assets' report titled "A monthly breakdown of key crypto market metrics that could be impacting price and investor sentiment" presents an in-depth exploration of digital assets. The report highlights the unique nature of these assets as they generate not just traditional market signals based on price or trading, but also a new set of signals from public on-chain data. The challenge lies in discerning which signals are most useful, aligning them with the correct investment time frame, and accurately interpreting the data.
Assessing Bitcoin and Ether: April 2023
By the end of April 2023, the data suggests that Bitcoin and Ether exhibit strong short-term potential, underpinned by robust price momentum and supportive moving averages. In terms of cycle position, Bitcoin appears "cheap," whereas Ether is more neutral. The report also examines long-term indicators focused on assessing each digital asset’s overarching investment thesis. For Bitcoin, while network fundamentals have slowed, they maintain key support levels. Ethereum's fundamentals are neutral with declining on-chain metrics, but certain aspects like net deflationary issuance and validator count remain positive.
Interested in further understanding the dynamics of digital assets and crypto market trends? Click "Report" to access Fidelity Digital Assets' comprehensive analysis and get an edge on your crypto investment journey.
