In the recent video, popular crypto trader Austin Arnold from Altcoin Daily shares the best crypto chart to watch out for amid the market volatility.
Bitcoin on-chain volume chart
The first chart to look at is On-chain volume chart of Bitcoin.
“This is showing us the raw, unbiased volume on the blockchain. So not the volume from centralized exchanges which can be manipulated. Just what’s happening on the public blockchain,”
According to the trader, the chart indicates that Bitcoin is currently trading near the lows of a significant on-chain volume node. Between prices of $31k and $34.3k, over 1.86M BTC have transacted on-chain, equivalent to 9.93% of the circulating supply. This is now convincingly the largest realised volume cluster since $12k.
“The on-chain volume node has grown much bigger and that’s bullish any form of support fundamentally that we can find on-chain is bullish and we’ve gained the support because we’ve been trending in this price range for so long.”
Adoption chart
The best chart, says the analyst, is the adoption chart that compared between Bitcoin and other industries.
“Bitcoin compared to the adoption curves of other industries. It is still so early.”
These adoption curves growing faster as the world gets more digital well. In comparison with Bitcoin, less than 10 of the population owns Bitcoin.
“Government currencies aren’t even close to being the same as Bitcoin. Digital currency isn’t the innovation, immutable/decentralized money is.”, the trader says.