Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bitcoin Demand On The Rise Again — What’s Happening?

This week was one of two distinct halves for the price of Bitcoin, with the premier cryptocurrency rising to a new all-time high and dropping by about 13% a few days later. On Friday, December 20, the BTC price dropped to as low as $92,000. This abrupt Bitcoin price decline came following the US Federal Reserve’s rate cut, which also pushed other financial markets to the red. However, it is worth mentioning that the premier cryptocurrency is beginning to show signs of recovery, currently hovering around $97,000. Can Growing Demand Push BTC Price Back Above $100,000? In a recent December 20 report, market analytics platform CryptoQuant revealed an interesting on-chain development with the Bitcoin supply-demand dynamics. According to the blockchain firm, the BTC market seems to be enjoying renewed investor interest. Related Reading: How Low Can Dogecoin Go Before It Rebounds? Expert Forecasts The relevant indicator here is the Total OTC Desk Balance, which tracks the amount of Bitcoin held in addresses associated with Over-The-Counter (OTC) desks. This metric provides an insight into the supply of BTC readily to large investors and institutional players. According to data from CryptoQuant, the OTC desks are witnessing their largest monthly inventory decline of 2024, declining by over 26,000 BTC so far in December. This decline has been even more significant in the past 30 days, with the balance dropping by 40,000 BTC since November 20. This decline in the Total OTC Desk Balance is a bullish indicator, which reflects the soaring demand for Bitcoin and the concurrently shrinking supply. Typically, the contracting BTC supply on the open market could set the stage for a period of significant price appreciation. CryptoQuant noted that the price of Bitcoin rallied from $40,000 to around $74,000 in the 2024 first quarter after demand growth caused the Over-The-Counter desks’ inventories to fall. According to the market intelligence, the OTC desk’s inventory is beginning to near the levels seen during the first-quarter rally. Data from CryptoQuant shows that Bitcoin’s apparent demand is currently growing at a monthly rate of 228,000 BTC after entering the expansion territory in late September. At the same time, the balance of accumulation addresses is swelling at a record-high rate of 495,000 BTC per month. Bitcoin Price At A Glance As of this writing, the price of Bitcoin stands at around $97,655, reflecting a 0.1% decline in the past 24 hours. The premier cryptocurrency is down by nearly 4% on the weekly timeframe, according to data from CoinGecko. Related Reading: Dogecoin Price And Its Weekly Golden Cross: Why The Crash To $0.31 Remains Natural Featured image created by DALL-E, chart from TradingView CoinTurk News

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Top 10 Gainers Of The Week: $USUAL, $MOVE, And $HYPE Lead Amid Market Volatility

While the broader crypto market faced significant turbulence this past week, a few tokens stood out by defying the downward trend. Among the top performers were newly launched tokens like $USUAL, $MOVE, and $HYPE, which maintained their bullish momentum. Even stablecoins showcased remarkable resilience, providing stability amidst the chaos. Interestingly, $Fartcoin and $BGB also moved counter to the market sentiment, continuing their upward trajectory. Top 10 Gainers in the last 7 days Amidst the bloodbath market, newly launched $USUAL , $MOVE , and $HYPE continued their impressive uptrend, while stablecoins showcased resilience during market turbulence. Also, $Fartcoin and $BGB are moving against the market. pic.twitter.com/eohXLRtA0L — CryptoRank.io (@CryptoRank_io) December 20, 2024 One of the standout tokens, $USUAL, gained significant traction in the market for tokenized U.S. Treasury bills. Two prominent market makers, GSR Markets and Amber Group, have played pivotal roles in $USUAL’s success. – Amber Group: Responsible for market making 12 million $USUAL tokens, Amber currently holds 1.6 million tokens worth $2.54 million, making it one of the top 12 holders. – GSR Markets: With market-making activities for 8 million $USUAL tokens, GSR now holds 2.76 million tokens valued at $4.4 million, ranking as the ninth-largest holder. 万红从中一点绿 GSR Markets 和 Amber Group 为近期 RWA 新秀 $USUAL 的做市商 Amber：做市数量 1200 万枚，当前持仓 160 万枚（254 万美金），为当前持仓 Top12 地址 https://t.co/VPwkTU4cD5 GSR：做市数量 800 万枚，当前持仓 276 万枚（440 万美金），为当前持仓 Top9 地址… https://t.co/aEns7i3J0Z pic.twitter.com/qokr0q3IdY — Ai 姨 (@ai_9684xtpa) December 20, 2024 $USUAL boasts the highest market share in tokenized U.S. Treasury bills, surpassing competitors. It has attracted over 15,000 users, far outpacing the combined user base of other protocols like Ondo, BlackRock, and Mountain, which collectively have 5,200 users. Additionally, $USUAL contributes nearly 80% of the total value locked (TVL) for Hashnote, the leading on-chain T-bill provider. $USUAL has the highest market share in tokenized US T-bills right now. Ondo, BlackRock, Mountain, and other protocols have around 5.2K users, while $USUAL alone has 15K users. Around 80% of the TVL for the leading on-chain T-bill provider, Hashnote, also comes from Usual Money. pic.twitter.com/GXqppazGEl — hitesh.eth (@hmalviya9) December 20, 2024 As the market continues to navigate choppy waters, $USUAL’s performance highlights the growing demand for tokenized real-world assets, offering a glimmer of hope for investors seeking stability and growth opportunities. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: peshkov/ 123RF // Image Effects by Colorcinch CoinTurk News